Skipton International bullish on demand for expat deposits
Skipton International has reported demand as being "brisk" for its new 1 and 2 year International Reserve Bonds which are aimed at both expatriates and local Jersey and Guernsey savers. As Guernsey's largest provider of new mortgage lending for the last two years and with a rapidly expanding Jersey mortgage offering, Skipton International operates a very different business model from the traditional Channel Island subsidiary bank focussed only on deposits.
Managing Director Jim Coupe said, "Skipton International has just announced a 50% increase in profit before taxation to £6.188 million for 2011, with business very good during the period across our core trading areas of mortgages, expat savings and business deposits. Our business is going from strength to strength. We use deposit funds attracted from savers to lend to homebuyers in Guernsey and Jersey as mortgages and we are the largest offshore savings subsidiary of a building society to operate such an approach. For us, the ability to attract savings from expatriate customers around the world remains central to our business model and we are committed to serving this market with the highest standards of service."