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Deposits in Jersey banks from Far East sources have more than doubled since the end of September, suggesting that the island’s recently-opened marketing office in Hong Kong may be beginning to yield results.

According to Jersey Financial Services Commission figures, total deposits from Far Eastern clients totalled £15.85bn at the end of March, more than double  (+156%) the £6.17bn reported as of 30 Sept.

As a percentage of total Jersey bank deposits, the Far East’s share grew to 8.9% from 3.6% six months earlier, the figures show.

Jersey deposits attributed to Middle Eastern sources, by comparison, grew only 1.3% to £18.5bn during the same period, and as a percentage of total deposits actually declined slightly, to 10.4% from 10.7%.

Jersey Finance, the marketing arm of Jersey's financial services industry, officially opened its Hong Kong office in October. The office is headed by Zhaoan Li, a fluent Mandarin, Cantonese and English speaker with experience in sales, marketing and management at UBS, Commerzbank and Bank of Boston, in London, Hong Kong and Shanghai.

It was the organisation's second such office, the first having opened in 2009 in London. Jersey Finance officials are planning additional offices in the Middle East and India.

The rise in Jersey’s Far Eastern bank deposits was revealed at a Jersey Finance conference for wealth managers in London this morning.

Jersey Banking Deposits, as at 31 March 2010

Residence of depositors	Total deposits (in thousands of £)	Percentage of total
Jersey residents, Jersey financial intermediaries, and UK, Guernsey, Isle of Man and unallocated Jersey, UK etc	70,214,083	39.5%
Other EU members	16,417,322	9.2%
European Non EU members	36,323,727	20.5%
Middle East	18,510,169	10.4%
Far East	15,851,418	8.9%
North America	10,114,316	5.7%
Others, Unallocated non Jersey, UK, etc	10,171,980	5.7%
OVERALL  TOTAL  of DEPOSITS	177,603,015	100%

Source: Jersey Financial Services Commission