Firstrand Secures Guernsey Banking Licence

Major South African banking group, FirstRand, is to open a Guernsey branch.

The Guernsey Financial Services Commission (GFSC) issued a deposit-taking licence to FirstRand Bank Limited Guernsey branch on Friday 17 October.

The new banking operation will trade as FNB Channel Islands and will launch formally next year. The bank enhances FirstRand's presence in Guernsey as it already provides a wide range of fiduciary services through FNB International Trustees Limited - the specialist international offshore service provider of the FirstRand Group.

FirstRand is South Africa's largest bank by market capitalisation and this new branch will bring the total number of licensed banks in Guernsey to 31.