Investec Bank (Channel Islands) – IBCI – has been granted a Class 1(3) financial services licence under the Isle of Man's Alternative Banking Regime (ABR).
IBCI currently has offices in Guernsey and Jersey. The bank specialises in general banking and lending services for trust and corporate service providers licensed and regulated in its core offshore jurisdictions, as well as private banking for high-net-worth individuals and family offices.
Its representative in the Isle of Man, Mark Beresford, who's based in Douglas, said: "We are delighted to be granted a licence to operate in the Isle of Man. It provides a great opportunity to increase awareness of Investec in a new jurisdiction and continue its growth by building on the success in the Channel Islands."
The Isle of Man government introduced the ABR in 2016 with the aim of attracting new banks to the island.
Laurence Skelly, Minister for the Isle of Man Department for Enterprise, commented: "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."