LONDON, Sept. 16, 2002 (PRIMEZONE) -- Gerrard Private Bank's application to open a representative office and to operate as a foreign investment manager* (FIM) in South Africa, has recently been approved by the South African Reserve Bank and Financial Services Board.
Confirming Gerrard Private Bank's solid financial position, Moody's Investors Service Ltd. today announced that they have assigned an A2P1 London rating to the bank.
The bank, which is based in the Isle of Man and Jersey, is represented by a team in Johannesburg. The team is able to assist potential clients with all international wealth management requirements, and is focused on client needs and service a trademark of effective private banking.
The positioning of Gerrard Private Bank in the South African market will be one of a globally focused offshore private bank offering clients a holistic wealth management service comprising banking, asset and liability management and trustee services. It is well positioned to offer tax efficient products and services from its offshore locations, both of which have a world class regulatory environment.
Bob Wooddisse, director of Gerrard Private Bank said: "We are pleased to announce that Gerrard Private Bank is now represented in South Africa. Private Banking has become an essential element in the financial planning of many individuals. We believe that Gerrard Private Bank will be able to offer a high level of quality service that is client-relationship driven, to high networth South Africans."
Gerrard Private Bank has assets of 600 million pounds and a lending book of 100 million pounds. Approximately 11,000 clients of which 5% have South African connections, make use of Gerrard's products and services. 50 percent of its clients are from the U.K. and the balance of 5000 from various countries around the globe.
Going forward, Gerrard Private Bank will not be an Anglo-South African private bank operating offshore but a bank that is very much internationally focussed. Plans are in progress to open a representative office in Hong Kong once regulatory approval is obtained.
Notes to the editor
(*) A foreign investment manager is an investment manager managing
investments outside the Republic.
Gerrard Private Bank, previously Fleming Offshore Bank, was purchased from JP Morgan/Chase on May 31, 2001 by Nedcor Ltd. and Old Mutual plc. Nedcor currently has a 74% shareholding in Gerrard Private Bank, with the other 26% held by Old Mutual. Old Mutual has the option to increase its holding to 51% over a 4 year period.
Gerrard Private Bank has two registered banks, one in Jersey and the other in the Isle of Man. There is a Trust Company on Jersey (Gerrard Trust) as well as Fairbairn Trust Company on Guernsey, which are 100% owned subsidiaries of the bank.
The bank was awarded the 2002 Best Offshore Banking Group and Best Offshore Product Range awards, amongst competition from well known international banking groups.
Gerrard Private Bank utilises Gerrard U.K. part of Old Mutual Plc as its Investment Management house, and is the preferred provider of international private banking needs to Nedcor and Old Mutual in South Africa.
Issued by Nedcor Bank Media Relations & Publicity