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.”