EFG Private Bank, the London-based subsidiary of EFG International, is set to expand its Channel Islands presence following approval of the Jersey Financial Services Commission for its subsidiary EFG Private Bank (Channel Islands) to offer banking services.

The new operation in Jersey will complement the established banking operation in Guernsey of EFG Private Bank (Channel Islands). It will operate alongside the existing Jersey subsidiary, EFG Offshore, which provides trust and company administration services, including fund administration.

The new banking operation in Jersey is expected to enhance the appeal of EFG Private Bank to wealth practitioners with experience of the jurisdiction.

EFG has recruited Christian Busel from Barclays Wealth as head of Private Banking in Jersey. He is joined by John Coutanche, who formerly oversaw investment management for Barclays Private Bank in Jersey.

Mr Busel will report to Gerard Gardner, currently managing director of EFG Offshore, who will become managing director of the combined Channel Islands operations. This coincides with the retirement of Michael DeJersey, who has been managing director of EFG Private Bank (Channel Islands) since 1999.

John Williamson, chief executive of EFG Private Bank said: “Gaining a banking licence in Jersey helps us to extend our presence in the Channel Islands, building on a strong track record of growth in Guernsey. We believe that the combination of London and the Channel Islands is a powerful one, which will enable us to further deepen relationships with international investors. It will also help us to continue to extend our appeal to talented professionals”.