Bank falls foul of ‘top 500’ rules

Kleinwort Benson’s offices in West’s Centre. Picture: TONY PIKE (00878234)

THE future of more than 200 jobs at one of Jersey’s most established banks is in question after it was bought out.
The Jersey Financial Services Commission is investigating whether Kleinwort Benson can continue to legally operate in the Island after it was bought for £225m by a Belgian investment holding company.
There are concerns because the new owners are not in the top 500-rated banks in the world – something which the JFSC expect to see from any banks or finance houses operating in the Island. The JFSC has confirmed that it is in ‘active dialogue’ with the bank.
Kleinwort Benson announced in October that they were being taken over by Belgian company RHJ International, but the new owners are understood to fall well outside the top 500 banks.(from JEP)

Will be an interesting case, do they JFSC say no way and 200 plus jobs go or do they bend they rules, and could start a precedent of having to allow other non top 500 rated banks coming into the Island....

Come on GD.The regulators INTERPRET the rules not BEND them.You hav'n't grasped the language of SPIN yet?