September Industry News Round-Up

GIBA’s monthly news round-up keeps you abreast of the latest news affecting Guernsey’s finance sector and our member organisations.

Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.

BUSINESS NEWS

10 Years Beyond the Financial Crisis

‘Ten years on from the global financial crisis Guernsey has a well-diversified finance sector of which we can be proud,’ says GIBA Chair, David Oxburgh.

Read his summary of the island’s primary economic contributor here.

2018 Proving a Positive Year for M&A Deals

The value of global offshore M&A deals in the first half of 2018 nearly matched the total recorded for the entirety of 2017, according to a report released by offshore law firm Appleby.

The latest edition of Offshore-i, an Appleby insight report on merger and acquisition activity in major offshore financial centres, focuses on transactions announced over the first half of 2018.

BREXIT UPDATE

Bailiwick’s Interests are Being Considered During Brexit Negotiations

Lord Keen has provided assurance that Guernsey’s interests are being looked after in London during Brexit.

Lord Keen is the Ministry of Justice spokesman in the House of Lords, as well as the minister with responsibility for the Crown Dependencies. He was on the island during September and said: ‘The UK government respects the constitutional position of the Crown Dependencies.’

Meanwhile, Deputy Gavin St Pier, President of the Policy & Resources Committee, has written to Prime Minister Theresa May to outline the island’s position regarding a ‘No Deal’ Brexit.

‘We continue to plan for the prospect of a new partnership between the UK and the EU. It is vitally important that our interests continue to be taken into account in the UK-EU negotiations and to ensure that our ancient and historic constitutional relationship with the Crown is upheld and respected.’

Read the full letter here

CHINA UPDATE

Guernsey Continues to Make Captive Developments in China

Guernsey’s progress in the Chinese market was reported at a We Are Guernsey update event in September. Guernsey Finance gave an on-island update on China, with the audience of more than 100 hearing about developments in the Far East.

Local businessman Charles Scott, from Alternative Risk Management, also spoke at the event. He has made significant progress introducing captives to the region over the past couple of years.

A second event focused on the China market, Guernsey Finance Masterclass in Hong Kong, examined the potential of accessing a selection of alternative asset classes through Guernsey investment structures.