The head of Investec Bank, Kevin Allen, attributes the bank's success to 'taking advantage' of the credit crunch

A JERSEY bank that ‘took advantage’ of the credit crunch has managed to grow during the recession.

Investec Bank (Channel Islands) Ltd Jersey was set up in the Island in 2007 but only started fully operating in 2008 – at a time when the banking crisis was in full swing. Despite the economic downturn, the bank has grown its deposit intake by 152 per cent and doubled its client numbers.

The head of Investec Bank (Channel Islands) Ltd Jersey, Kevin Allen, attributes the bank’s success to ‘taking advantage’ of the credit crunch. ‘There had been this whole shake-up in the financial market, which created opportunity,’ he explained. ‘We started at a time when the banking crisis was at its height.

‘But all adversity creates opportunity and the opportunity it created for us was that we were new people operating in a mature trust and fiduciary sector market in Jersey where a lot of trusts were comfortable in their banking relationships.’