South Africa’s FirstRand bank has received license from Guernsey Financial Services Commission (GFSC) to formally open a new Guernsey branch next year.
The deposit-taking licence was issued by GFSC on 17 October 2014.
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The new branch will operate as FNB Channel Islands and will bring the total number of licensed banks in Guernsey to 31.
The bank, which already has presence in Guernsey, provides a broad range of fiduciary services via FNB International Trustees, the specialist international offshore service provider of the FirstRand Group.
Fiona Le Poidevin, CEO of Guernsey at FirstRand bank, said: "Guernsey has enjoyed strong business links with South Africa for some time and this development is further evidence of that relationship."
"FirstRand has had a long-standing fiduciary presence in the island and is therefore well aware of the infrastructure and expertise available in Guernsey," he added.
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