The bank is adopting a new class of license made available under regulations introduced three years ago in the island.

Investec Bank (Channel Islands) has launched its new office on the Isle of Man, based in the financial centre’s capital, Douglas. 

The lender said it is the first bank to be granted a Class 1(3) licence under the Isle of Man’s Alternative Banking Regime. Isle of Man Chief Minister Howard Quayle was among the 130 VIP guests at the official launch held at the company’s new office at The Old Court House, Athol Street.

The Alternative Banking Regime commenced in 2016 and offers a variety of licenses. The Class 1(3) licence is designated for representative offices of foreign banks, not able to take deposits on the Isle of Man. 

The Investec office in the IoM is headed up by Mark Beresford and Jon Wagstaffe.

The lender said it will concentrate on providing solutions to the IoM’s trust and corporate sector, and wants to expand into the family offices and private client space.

Investec also has an asset finance business which provides hire purchase, finance leases and commercial loan facilities along with aircraft and marine mortgages to retail, small- and medium-sized enterprises and corporate clients, and a wealth and investment team based in Belfast. That regulatory team serves Isle of Man intermediaries.