Against a background of increased competition, regulation and globalisation as well as concerns over consumer debt levels, falling property prices and the slowdown of economic growth, the outlook for the offshore banking and capital markets sector has never been more challenging. Increasingly, offshore banking services are being shaped by onshore factors.
Here in the Isle of Man, there is a diverse and growing banking sector with total assets of £50Bn. External factors such as Basel III implementation and banking reform in the UK are being assessed and will certainly have an impact, however the Island’s banking sector is robust, and well placed for future growth.
These challenges have heightened the importance of having the right advisers with the depth of resource, and our dedicated banking and capital markets practice comprises a strong team of individuals who are recognised internationally for their skills and experience.
We have built up this expertise over the last 25 years in audit, tax and advisory, and have the largest banking and capital markets team in the Isle of Man.