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Finance for Guernsey to push ahead with plans for a retail bank

15 Nov, 2016

FINANCE for Guernsey has welcomed clarification from the States of Guernsey that it has no intention to progress plans to establish a retail bank.

‘The clarification is welcome although not unexpected as it has always been our belief that the private sector is best placed to deliver an effective solution to islanders needs for transactional banking and the availability of credit,’ said Finance for Guernsey chief executive officer Geoff Miller.

‘The extensive market research undertaken over the summer has shown that there are issues being faced by individuals, businesses and the finance sector and that these impact the island’s ability to be competitive. More than three-quarters of all respondents felt that banking services in Guernsey could be improved and so we are progressing with our plans for a new Guernsey retail bank to serve local people and businesses.’

Mr Miller said that Finance for Guernsey would continue to engage with the States of Guernsey as the plans evolved.

‘We see a new retail bank as a critical part of the island’s economic development for the longer term and so it is essential that we maintain an open dialogue with the States,’ he said.

More information about the results of Finance for Guernsey’s market research will be available on its website www.financeforguernsey.com from later this week.

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Issued by Katrina Bray, Liquid, (01481) 724481 or email [email protected]

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