INCREASED activity and client demand has led to the expansion of the lending teams at Investec Bank (Channel Islands) Ltd (IBCI) in Guernsey and Jersey. IBCI lending activity remains strong with in excess of £110m new lending business being written in the first 10 months of the financial year ending March 2014.
This has resulted in an increase in the banks lending book to in excess of £620m.
‘We have seen a significant upturn in client activity during the past 12 months in both our private and trust & fiduciary clients. Many requests for lending are against prime central London property, which has performed exceptionally well over recent years with the view that this is considered to be a ‘safe haven’ asset class given the geopolitical and economic uncertainties in of many countries across the globe,’ said director Kevin Allen, head of lending.
‘Closer to home, we have also seen an increase in demand for the Channel Islands executive mortgage from our local private clients and this is believed to be driven by the positive economic indicators on the UK economy and greater confidence in the sustainability of economic growth in the Channel Islands.
‘Given the skills and experience within the team, we are able to structure lending solutions to accommodate the specific requirements of our clients. Whilst lending against bricks and mortar remains a key element of our lending activity, we have a wide diversity of lending facilities ranging from short term facilities against investment portfolios to fund finance and project and acquisition finance to marine and aviation finance.’
Steve O’Regan and Karen Scott have both recently joined the Jersey branch with primary responsibility for the lending requirements of its private clients.
Mark Coutanche has joined the Guernsey office to undertake the role of trust & fiduciary lending relationship manager.