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Expat Investor : April 2008
L AURA P RESTON Investec Bank (CI) People who live and work abroad for any length of time in a Middle Eastern country frequently receive their salary and/or bonus in another currency. Investec Bank (Channel Islands) in Guernsey, offers high interest multi-currency savings accounts for expats living in the Middle East. Our most popular account is the Investec Horizon Account, which is available in sterling, US dollars and euro. The key benefit of this 90 day notice account is that the variable interest rate will never fall below the UK Bank of England base rate, US Federal Reserve rate or the European Central Bank rate for savers with at least £25,000 ($/ €50,000). This gives clients the comfort of knowing that in a negative yield curve environment the interest rate will never fall below these central bank rates. Interest is paid quarterly, rather than annually, so clients have the potential to earn interest on interest. In order to give clients greater flexibility with their funds, the Investec Horizon Account offers a facility whereby the interest can be paid away to another nominated bank account free of charge. For clients looking for a fixed rate of return our fixed term deposit accounts are available in all the major currencies, ranging from one month to 12 months. Our in-house Treasury team provides up to the minute money market commentary and interest rates for clients wishing to deposit funds in excess of £100,000. We understand that some clients in the Middle East often have to meet expenditure commitments back home and we are able to offer commission-free corporate currency exchange rates to private clients. Investec Bank (Channel Islands) offers a private bank style, friendly, relationship-driven service through a dedicated client manager who is based in Guernsey. Clients have access to the direct dial and email address of a client manager who aims to provide a flexible approach, fast response and a high attention to detail. J ULIAN G OUGE Head of Middle East and Asia, RBS International The Royal Bank of Scotland International (RBS International) is expanding its offshore presence with a new representative office opening in Dubai. As part of the Royal Bank of Scotland Group, one of the world’s largest banks, RBS International has MIDDLE EAST April 2008 ? EXPAT INVESTOR 17 Abbey International 44420 Close Private Bank 44421 Fairbairn Private Bank 44422 Investec Private Bank (CI) 44423 RBS International 44424 Standard Bank Offshore 44425 For more information just enter the above numbers on the Reader Reply Service coupon on page 20 or visit www.expatinvestor.com FAST FACTS J OHN C OYLE Managing Director, Standard Bank Offshore Standard Bank Offshore continues to consider the Middle East a key ‘expatriate hub’ and is strengthening its commitment to the region this year by expanding its presence in Dubai. By working closely with local independent financial advisers (IFAs), it has developed a wide range of products and services, designed specifically for expatriates in the region, including the many South Africans working across the Gulf. For day-to-day money management of finances, the Bank offers comprehensive offshore banking facilities, including multi- currency internet banking and a Visa debit card to access funds held on account. In order to make the most of savings, the Bank also offers a range of high interest accounts, including the innovative multi- currency Expatriate Savings Account, which combines high interest rates with flexible access options. Standard Bank also offers an ongoing range of structured guaranteed products, which offer the potential to obtain returns linked to the performance of the world’s stock or commodity markets, without risking the capital invested. These products can open up investment opportunities not normally available to expatriate investors and are launched every quarter. High net worth expatriates in the Gulf are increasingly looking to diversify their assets into other markets.This may extend to managing an international property portfolio, establishing a private equity fund or facilitating trust and company structures to ensure the efficient administration of assets. Additionally, the Bank’s Portfolio Management Service offers a range of stock and bond market investment strategies, both through unitised funds and direct equity holdings. Standard Bank is well placed to offer all of these more complex solutions to deliver a real long-term wealth creation plan. To reflect its commitment to the Gulf, this year Standard Bank will open the doors to its brand new premises in Dubai, in so doing increasing the access clients in the region have to its services, products and expert financial advice. The Bank has also recently appointed Veronica O’Brien to the Middle East office. With an in-depth knowledge of the Middle East market, she will work closely with IFAs to strengthen the Bank’s ability to distribute its range of offshore products and services in the region. In addition, Malini Moodley has joined Standard Bank in Dubai as an Expat Services Executive, to boost its on-the-ground presence. Information about all of the Bank’s offshore products and services are available on our website www.sboff.com and, additionally, from select IFAs throughout the Middle East region. extensive experience in looking after expats and International customers from its traditional hubs of the Channel Islands, Isle of Man, Gibraltar and Singapore. Julian Gouge, Head of Middle East and Asia for International Personal Banking has moved to Dubai to build it as the regional hub. “Many RBS customers move to the region and in the past have lost contact with RBS. Our expansion into the UAE should ensure greater continuity of service for many people, especially our existing customers.” RBS International looks after RBS’s customers who require offshore banking from a Bank who is part of the UK clearing system. “We can provide help on a wide range of short and long term savings opportunities as well as advice on investment and treasury products. These are the type of products and services that so many people acquiring wealth require. We can assist with UK and overseas property purchases in places like Spain, as well as the essential and secure requirements such as Internet banking, allowing online currency payments,” says Mr Gouge. As well as providing offshore banking needs, RBS International also provides products and services to companies who relocate staff frequently. “The team has many years of experience in helping HR Directors who are relocating staff to and from the UK and work with many household names to provide their staff with banking needs for the UK. This service is being expanded into the UAE.” In addition to this, RBS International has won a multitude of awards for its products including Financial Adviser Mortgage lender of the year 2007 for overseas property, Structured Products Europe Awards 2007 for Best UK Structured Products and the Portfolio International 2006 Best Current Account Award. VISIT www.expatinvestor.com Request more information ? Read updated news ? Links to advertisers ? Fast Facts WHEREVER YOU ARE IN THE WORLD
May June 2008