Jersey Captures More Asia Business
Monday, November 8, 2010
Establishing a permanent presence in Hong Kong last year has helped Jersey’s
finance industry grow banking and corporate listings business significantly and
is opening up a number of new opportunities, according to figures published by
Jersey Finance, the promotional agency for the island’s
financial services industry.
The proportion of bank deposits held in Jersey coming from the Far East has
nearly doubled over the past year to now account for 6% of the total value,
whilst more than 25% of the 60 Chinese companies listed on the Alternative Investment
Market (AIM) in London are incorporated in Jersey.
Commenting on the figures, Zhaoan Li, Jersey Finance’s Head of Greater
China Business Development, said:
“Although Jersey Finance only opened its representative office in Hong
Kong in October last year, we are already seeing evidence of just how important
establishing and maintaining a presence in the region is. This is real progress
and real business growth for Jersey and is the result of the commitment that
Jersey has made to building meaningful relationships with China and Hong Kong.”
Publication of the figures coincides with an official visit by a delegation
led by Jersey Finance Chairman, Jonathan White to Beijing, Shanghai and Hong
Kong, to continue to build relationships with intermediaries within the financial
services sector in the region.
In addition to this visit, Jersey Finance is one sponsor of ‘STEP Asia
2010’, which attracts over 300 key people within the private wealth management
industry and where the focus will be on the relationship between International
Finance Centres and developing nations, issues of confidentiality, information
exchange and the preoccupations of the G20.
“Whilst the effort that Jersey has so far put in to developing relationships
with China and Hong Kong has certainly paid dividends in terms of the growth
in bank deposits and corporate listings work, I believe the positive reputation
Jersey has established in such a key international market gives us a strong
footing on which we can now explore new opportunities.”
“During our current visit we will be speaking to finance professionals
in Beijing, Shanghai and Hong Kong about the benefits of using Jersey structures
like the Foundation and Private Discretionary Trust for private client work.
We also believe there is scope to build specialist funds business and we will
be highlighting the full range of Jersey funds structures and expertise in,
for example, private equity during the visit.”