The Isle of Man has granted a new Class 1(3) financial services licence to Investec Bank (Channel Islands) Limited under the Island’s Alternative Banking Regime (ABR).

Investec Bank (Channel Islands) Limited (IBCI) is part of Investec Bank plc and has a significant reputation for delivering excellence in service and expertise from its teams in the Crown Dependencies.

The bank specialises in the provision of general banking and lending services to trust and corporate service providers licenced and regulated in its core offshore jurisdictions, as well as private banking for high net worth individuals and family offices. The bank’s representative in the Isle of Man is Mark Beresford, who will be based in offices on Athol Street in the Island’s capital, Douglas.

The Isle of Man Government (Reiltys Ellan Vannin) introduced the ABR in 2016 with the aim of attracting new banks to the island. The promotion of the ABR is managed by the Department for Enterprise.

Commenting on the new licence, Laurence Skelly MHK, Minister for the Isle of Man Department for Enterprise, said: “It’s encouraging to see a household name like Investec taking advantage of the Island’s Alternative Banking Regime. The diversification of our financial services economy is essential in ensuring Isle of Man businesses have the right environment and support needed to flourish.”

John Hunter, Head of Banking and Fiduciaries, Isle of Man Department for Enterprise, said: “The Isle of Man has a strong and stable banking sector that has successfully adapted to changes in the global industry landscape. The licence granted to Investec Bank under the Alternative Banking Regime is testament to our commitment to further attract and nurture banking operations.”