South Africa-based Investec Bank has received a new Class 1(3) financial services licence from the Isle of Man’s government to commence operations in the island.

The licence was awarded to the bank’s subsidiary Investec Bank (Channel Islands) under the Island’s Alternative Banking Regime (ABR).

Investec Bank offers general banking services to trust and corporate service providers regulated in its core offshore jurisdictions. It also offers private banking services to the HNWIs and family offices.

Isle of Man minister of department for enterprise Laurence Skelly said: “It’s encouraging to see a household name like Investec taking advantage of the Island’s Alternative Banking Regime.

“The diversification of our financial services economy is essential in ensuring Isle of Man businesses have the right environment and support needed to flourish.”

In the Isle of Man, the bank’s representative is Mark Beresford, who will be based in the island capital Douglas.

The island government introduced the ABR in 2016 to encourage new banks to open their branches in the Isle of Man.

The government’s department for enterprise is responsible for promoting ABR.