Jersey Finance has named Cormac Sheedy as its business development director for the Gulf Cooperation Council (GCC), based in Dubai.

Sheedy will manage the firm’s business activity and help improve Jersey’s reputation as a major international finance centre in the Gulf region.

He will work with fellow GCC business development director Richard Nunn to provide better coverage between them of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Cormac has an overall experience of more than 25 years in the financial services industry, most recently as a senior executive officer at Royal Bank of Canada.

He previously also served in senior roles at Invesco Asset Management and Fidelity International, and spent five years at Bank of Ireland Asset management.

Jersey Finance CEO Geoff Cook said: “The GCC remains a key market for Jersey, with recent independent research showing that Jersey is custodian to some £100bn of assets emanating from the region.

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“With that in mind, Cormac’s appointment will be pivotal in helping us continue to forge deeper links across the region.”