Opening a private bank for expats was the next logical step for deVere Group, one of the world’s leading financial advice firms.
With more than 80,000 clients based in more than 100 countries often struggling to open bank accounts or arrange loans, filling the gap in the market with deVere Group Bank St Lucia was the obvious solution.
CEO Nigel Green explained that expats were often turned away by foreign banks not wishing to take on the compliance costs involved with taking on new customers.
In recent years, governments have cracked down on money laundering and tax avoidance by introducing the US Foreign Account Tax Compliance Act (FATCA) and the global Common Reporting Standard.
“Although we support the law 100%, we do believe there is some margin to better accommodate expats who seem to be suffering more from these changes than others,” said Green.
Expats asking for banking help
“Opening the bank allows deVere to offer a complete financial and banking solution to our clients.
“They already trust us with pensions, investments and mortgages. Now they have somewhere reliable and willing to handle their banking.”
Green explained deVere Group Bank St Lucia was a response to continual requests from expat customers.
“deVere Group Bank St Lucia enables us to move beyond traditional banking activities and meet the requirements of clients in an ever more globalised, yet insecure, world,” he said.
“The convenience offered by our private bank will be a key advantage for our clients who are, typically, expats and international investors.
Big week for deVere Group Bank this week as we develop our software for Private Banking For Expats https://t.co/Q77XQj5pCb
— Nigel Green (@nigeljgreen) March 27, 2017
Global leader
“With accounts offering centralised, secure, flexible and international access to funds, they are, naturally, a good option for those who live more internationally-mobile and transient lives.”
deVere Group Bank St Lucia has 12 international offices.
“The launch of deVere Group Bank St Lucia marks a major milestone for deVere. This latest project underscores deVere’s commitment to continually evolve and develop in what are undoubtedly challenging times. It also further demonstrates our status as a leader in the global financial community,” said Green.
“While we will continue to implement ambitious expansion plans for our financial advisory business and lead from the front in this arena, it is extremely exciting to also be entering the banking sector”.
