This represents 11% growth in Gulf deposits from £19bn at the start of 2011, when Jersey Finance opened an office in Abu Dhabi, in the context of an encouraging trend which has seen bank deposits attracted to Jersey from the Gulf region nearly double in the last five years.
One factor highlighted by Jersey Finance is the decision of the Abu Dhabi Commercial Bank (ADCB) toward the end of last year to open a branch in Jersey to attract offshore deposits; the latest in a string of of what it states are high profile Gulf- based financial institutions expanding into Jersey.
Sean Costello, chief representative, for Jersey Finance in the Gulf region and India, said: “Jersey Finance’s profile raising activities have contributed, in part, to the higher figures for the Gulf region, which are a firm indicator that Jersey and its strong banking brands provide the stable, secure and appropriately regulated jurisdiction that international investors are seeking.”
There are around 15 banks and trust companies with offices in Jersey who are represented in the Gulf, and Emirates NBD, the National Bank of Abu Dhabi and ADCB are among those Gulf based institutions with a presence in Jersey.
The Jersey Financial Service Commission has already signed a memorandum of understanding with the central bank of the UAE and Jersey’s government has a double taxation agreement in place with Qatar.
