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New London branch for Fairbairn Private Bank

Fairbairn Private Bank announced on 15 September 2008 that it is to be the first British offshore island bank to be granted a banking and investment licence by the UK's Financial Services Authority (FSA).

This landmark move for Fairbairn Private Bank, which has offices in the Isle of Man, Jersey and South Africa, is the first example of a British offshore bank opening its doors to clients in London.

The bank's full range of award winning products and services will now be available to account holders throughout the UK.

This latest expansion coincides with the bank's 21st year of operation. Since 2001 the bank has amassed 37 awards, ranging from internationally recognised Product and Service awards and the "Investors in People" standard, to UK Best Business Accreditations. Significantly, Fairbairn Private Bank is the only British offshore Island business to have received a UK National Training Award.

At number 42, Fairbairn Private Bank is the only company to have continually moved up the ratings in the Sunday Times "Best 100 Small Companies To Work For" for each of the past 4 years. It is also the only British offshore Island financial services organisation to be featured in the highly coveted listing.

Most recently Fairbairn Private Bank was awarded the titles of "Best International Private Bank Group" and "Best International Wrap Provider" by an independent panel of industry experts at the International Investment Fund & Product Awards 2008. 

Greg Horton, Fairbairn Private Bank's managing director, commented: "We are very excited about our launch into the UK market place and look forward to fulfilling the needs of our future clients there. We believe our innovative international offering will be attractive to the growing number of UK based high net worth individuals and allow us to succeed in what is a highly competitive market. Our continued growth provides further employment opportunities across the business, including a substantial increase in staff during 2008, over half of which will be located within our offshore Island offices". 

Geoff Cook, Chief Executive of Jersey Finance, commented: "Fairbairn Private Bank are a dynamic and forward thinking bank, this is evident in the numerous accolades they have received for their products and services. The expansion plans of Fairbairn Private Bank demonstrates that Jersey is a great jurisdiction from within which to grow and we wish them well in their venture. Our recent research, known as the Jersey Finance Strategy Project - Future of Finance 2015, identified the need for further promotion of Jersey in financial jurisdictions, such as London, and the bank's imminent launch there will assist in raising the profile of the island".

Isle of Man Treasury Minister, Hon. Allan Bell, MHK, commented: "Fairbairn Private Bank has contributed enormously to the Isle of Man's thriving financial services sector over the years, providing a model for excellence in private banking". 

"As a result we are very proud to see this Isle of Man success story expand its services onshore, particularly to the well-established global financial centre of London. It is a momentous move which benefits the local community by providing employment opportunities on-Island, as well as giving us the chance to share our business expertise with the UK market and develop our close links and economic contribution to the City of London".

"This landmark enterprise provides further proof of the strength of our financial services industry and reinforces the Isle of Man's position as a world leading international finance centre".

To mark the launch of our London office, Greg answers some of the possible questions you may have on this latest exciting development. The question and answers can be viewed online.