Jersey banking stats show leap in Far East deposits

Deposits in Jersey banks from Far East sources have more than doubled since the end of September.

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According to Jersey Financial Services Commission figures, total deposits from Far Eastern clients totalled £15.85bn at the end of March, more than double  (+156%) the £6.17bn reported as of 30 Sept.

As a percentage of total Jersey bank deposits, the Far East’s share grew to 8.9% from 3.6% six months earlier, the figures show.

Jersey deposits attributed to Middle Eastern sources, by comparison, grew only 1.3% to £18.5bn during the same period, and as a percentage of total deposits actually declined slightly, to 10.4% from 10.7%.

Jersey Finance, the marketing arm of Jersey’s financial services industry, officially opened its Hong Kong office in October. The office is headed by Zhaoan Li, a fluent Mandarin, Cantonese and English speaker with experience in sales, marketing and management at UBS, Commerzbank and Bank of Boston, in London, Hong Kong and Shanghai.

It was the organisation’s second such office, the first having opened in 2009 in London. Jersey Finance officials are planning additional offices in the Middle East and India.

The rise in Jersey’s Far Eastern bank deposits was revealed at a Jersey Finance conference for wealth managers in London this morning.

Jersey Banking Deposits, as at 31 March 2010

Residence of depositors

Total deposits (in thousands of £)

Percentage of total

Jersey residents, Jersey financial intermediaries, and UK, Guernsey, Isle of Man and unallocated Jersey, UK etc 70,214,083 39.5%
Other EU members   16,417,322    9.2%
European Non EU members   36,323,727  20.5%
Middle East   18,510,169  10.4%
Far East   15,851,418    8.9%
North America   10,114,316    5.7%
Others, Unallocated non Jersey, UK, etc   10,171,980    5.7%
OVERALL  TOTAL  of DEPOSITS 177,603,015 100%

Source: Jersey Financial Services Commission

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