Gerrard Private Bank has opened a representative office in South Africa. Based on the Isle of Man and Jersey, the bank is an offshore private bank offering clients a wealth management service comprising banking, asset and liability management and trustee services.
Gerrard Private Bank's products range from cheque accounts and gold visa deferred debit cards to treasury and lending services. Entry level criteria for potential South African-based investors are negotiable, but certain investment products have a minimum entry level of P10 000 and P50 000.
The bank will operate as an investment manager for investments outside South Africa. Nedcor Limited has a 74 percent shareholding in Gerrard Private Bank, with the other 26 percent held by Old Mutual.