FirstRand Bank of South Africa plans to open a branch in Guernsey, which is part of the is part of a cluster of islands that form the Channel Islands in Europe. The bank says it is part of its effort to shift focus on the international stage as it targets Europe’s top financial clusters. The bank intends to expand in Guernsey as an offshore financial subsidiary in order to issue stock and other securities in international markets, raising capital for both domestic and foreign business activities of the parent corporation.Though not a member of the EU, Guernsey, with about 70,000 people, has a high quality of life, enjoys proximity to the UK – with its capital London listed as one of the top global financial hubs – and boasts a competitive corporate tax regime. Finance-banking, investment funds, wealth management and captive insurance, are the largest contributor to the island’s economy.
