Jersey is critical, says bank

Friday 28th November 2008, 3:00PM GMT.

SOUTH African-based Standard Bank has renewed its commitment to its Channel Island business at a time of political change at home.

Jacko Maree, group chief executive and chairman of the South African Banking Association, says that the Jersey operation is ‘critical’ in a global context.

Mr Maree, who visited the Island last month, said that although he predicted a ‘tough couple of years’ for banks generally, he remained positive about the future for South Africa, despite the current financial crisis.

‘In the context of any banking group, this crisis has highlighted the value of stable banking business and stable revenue streams, as opposed to one-off revenue streams. If you look back over many years I think Jersey has provided stability and certainty, and I think that is back in vogue again,’ he said.

• Picture: Mr Maree

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