Clydesdale Bank reports significant growth in fourth quarter
Clydesdale Bank International is once again reporting significant growth in the fourth quarter of 2009, against a backdrop of falling deposits in Guernsey.
Despite the overall 2% decline, the Guernsey Financial Services Commission has reported that the Guernsey market is stabilising and attributes the continued contraction to one specific product, Swiss fiduciary deposits.
Guernsey’s newest bank, which attained fully independent status on the island this month attributes its positive growth to an ongoing focus on traditional banking delivered by its experienced customer service team.
Clydesdale Bank International benefits from a strong credit rating. The bank has continued to display capital strength and stability during the downturn - key factors which reassure customers during this turbulent time.
Managing director James Blower said, ‘This is our fifth consecutive quarter of double digit growth which is an outstanding achievement for the Guernsey operation. Whilst it is evident that the island’s deposits are stabilising, over the fourth quarter of 2009 total bank deposits in Guernsey fell by 2.3%, while our deposit base grew by 19%.
‘We currently have an 18-strong team dedicated to serving our members’ offshore requirements and our approach to banking has remained focused on our customers throughout the recent unstable economic climate. We are now seeing that thinking and acting in this way has been a successful differentiator in the busy marketplace.’
Clydesdale Bank International’s deposit business is predominantly corporate but growth has come from corporate, trust and private individuals.