Jersey Finance’s latest quarterly report covering the final quarter of 2013 shows that bank deposits in Jersey have continued to fall and now stand at their lowest levels since 2002, but it’s not all gloom in the banking sector. Standard Bank in Jersey has bucked the trend and seen a significant increase in the value of deposits over the past year, rising from £1.0bn to £1.3bn over the course of 2013 – an increase of 27%.
Mark Hucker, Chief Executive Officer, Standard Bank, Jersey attributed the results to a number of factors: “Some clients want to diversify their risks and are seeking alternative options to the traditional UK and European banks but just as important are our commitments to long-term relationships and client service. Standard Bank as a Group came through the financial crisis of 2007/8 relatively unscathed and we have therefore been able to focus on growing our business rather than fixing it.”
Standard Bank is Africa’s largest bank and whilst it has an international client base, much of the recent growth has come from clients with connections to Africa. “As an experienced player in an emerging market, we are comfortable and experienced in dealing with clients from Africa and we have the appetite and capability to deal with more complex client requirements” explained Mr Hucker.
Africa contains many of the world’s fastest growing economies and the number of High Net Worth Individuals on the continent is booming. Standard Bank, through its Private Clients business, is focusing on these growth opportunities primarily through its South Africa, East Africa and West Africa franchises. According to the latest New World Wealth surveys*, the number of HNW individuals in South Africa now stands at an estimated 48,700 with Kenya at 8,300 and Nigeria at 15,000. The number of Kenyan HNW individuals alone grew by 24% between 2007 and 2013 outperforming the world wide average where the volume of HNWIs declined by 0.3%.
The rise in deposits in Jersey comes on the back of Standard Bank’s robust results for last year which saw the Group’s earnings increase by 15%.
Category: Finance & Business