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Expat Investor : May June 2009
PRIVATE BANKING Meet the modern face of private banking How much do you need to earn in order to qualify as a private banking client? As this survey shows, probably not as much as you think. Today’s offshore private banking is attracting a new kind of expat, and this is the place to check out if you fit the bill for what’s on offer. F1 respectively issued by two of the world’s largest credit rating agencies, Moody’s & Fitch. Our client deposits are secure and our longstanding prudent policies on lending make us a safe home for depositors’ money. We are proud to offer our clients a relationship managed service from experienced industry professionals. We have deliberately chosen not to operate call centres or use voice mail and call waiting services. “... foreign exchanges services, world-wide payments, currency debit card services, bespoke lending and a real time, view only internet banking service means Advantage provides an innovative and flexible solution.” This allows us to provide a truly CLOSE PRIVATE BANK During these difficult economic times, we are aware that people are looking for reassurance and a secure environment for their money and may consider switching banks or using additional providers to diversify risk. Close offers local banking services with an excellent range of products and an accessible entry level for private clients of just £20,000. Our Advantage range of accounts includes instant access, monthly and ninety day notice accounts (entry levels start from just £5,000/$/€10,000) and fixed term deposits. All accounts are available in sterling, euro and US dollars and offer an integral execution only share dealing service. This, combined with foreign exchanges services, worldwide payments, currency debit card services, bespoke lending and a real time, view only internet banking service means Advantage provides an innovative and flexible solution. A recent development in the offshore market is the introduction of a depositor compensation scheme in Guernsey, which came into force in November 2008. The Isle of Man has had a depositor protection scheme since 1991. Both schemes offer compensation of up to £50,000 per personal retail depositor, per bank. Clients can choose to bank with Close in either jurisdiction. As part of Close Wealth Management Group, we continue to adopt a conservative approach to business with an emphasis on maintaining high liquidity at all times. Close Wealth Management Group is ultimately owned by Close Brothers Group plc. The Group’s banking business, Close Brothers Limited, has the highest short term credit rating of P1 and Online Brokerage for Offshore Investors • Trade Forex, Futures, CFD’s and Shares offshore • European, North American & Asian Stock Exchanges • Backed by TD Waterhouse and Fortis www.internaxx.lu Tel: (+352) 2603 2003 Your International Online Broker in Luxembourg Internaxx Bank S.A., 46a avenue J.-F. Kennedy, L-2958 Luxembourg, R.C. B 78729. exceptional service and means that our clients speak to their relationship manager, or a member of the team, when it is convenient to them. Through Close Wealth Management Group our clients can also access a range of services including custody, funds, investment management, pension and trustee. Clients can also access our managed funds which offer an alternative to banking deposits, providing further diversification and potentially enhanced liquidity and yields. 2 EXPAT INVESTOR ● May/June 2009 expatinvestor.com
March April 2009