FNB eyes expansion of services in Guernsey for wealthy clients

A unit of South Africa's biggest bank by market value, FirstRand, plans to expand its offerings in Guernsey to tap more business from high-net-worth individuals and South Africans living on the island.

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First National Bank, which has had a branch licence for a decade, will apply for a credit permit by the end of the year, it said in a statement on Monday.

"We want to add an extension to that licence to be allowed not only deposit taking, not only transactions, not only investments, but also lending," FNB CEO Harry Kellan said.

FNB established the Guernsey unit more than 50 years ago to mainly serve high-net-worth individuals. It expanded its offerings to include international banking and savings in 2015.