LONDON, Sept. 16, 2002 (PRIMEZONE) -- Gerrard Private Bank has been awarded an A2 P1 long and short-term deposit rating by Moody's Investors Service. This makes Gerrard Private Bank, based in the Isle of Man and Jersey, which also has trust businesses in Jersey and Guernsey, the first independently rated bank in the British Offshore Islands. The bank was cited by Moody's as having sound financial fundamentals, a low risk appetite and a highly liquid balance sheet.
Gerrard Private Bank received the highest possible shortterm bank deposit rating reflecting its "superior credit quality and very strong capacity for timely payment of shortterm deposit obligations". Their long-term A2 rating matches that of the ultimate parent company, the FTSE 100 listed Old Mutual Group.
Ordinarily independent ratings are set at least one level below that of the parent company and Managing Director, Greg Horton, described the rating as "a very strong endorsement of our business following the recent restructuring under our new ownership. We are greatly encouraged having secured the same rating as our ultimate parent company and this award is not only wonderful news for our business, but also represents a significant milestone for the British Offshore Islands as a whole. The Islands now have their first independently rated bank, which provides refreshingly good news after the unfavourable coverage that has recently been seen in the press."
The credit rating award follows Gerrard Private Bank's recognition earlier this year at the financial service industry awards sponsored by International Investment, in association with Standard and Poors. They were the only private bank to be nominated for four awards and to win two outright, being Best Offshore Banking Group, reflecting the independent judging panels view of their superior product range, performance, product innovation, intermediary support and quality of service, and Best Offshore Bank Product for "Focus," Gerrard Private Bank's uniquely integrated banking and investment service.
Greg added: "This has been an outstanding year for recognition of our efforts by the industry and whilst I am particularly pleased with our historic credit rating achievement, I am especially delighted for our staff who have worked tirelessly to transform our operations over the last 2 years into one of the leading private banking institutions within the British Offshore Islands."