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Abbey International moves base to Jersey

25 November 2005

The news that Abbey International has chosen Jersey as its major new offshore centre has been welcomed by Finance and Economics President Senator Terry Le Sueur.

Speaking just after Abbey International’s announcement, Senator Le Sueur said: “This helps to demonstrate that the States of Jersey has made the right decisions on future fiscal and economic strategy and that we have achieved a competitive edge in the international financial services industry. This decision will bring a number of benefits for Jersey: employment opportunities for local people; increased tax receipts and an enhanced international profile.  It is really good news all round.”

The decision means that 25 new roles will be created in Jersey over the next 12 months. These new jobs will mostly be for staff involved in customer services and in developing client contact. 

Abbey International is a subsidiary of Banco Santander and it is anticipated that the move will allow the development of an extended range of financial products and services, working closely with the Spanish banking operation.

Abbey International made its announcement at 4.30 today.  It follows several months analysis of the costs and benefits of establishing its new centre in Jersey and it means that 140 employees in the Isle of Man have been told that they are at risk of redundancy.

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