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SCMP Reporter

Britain's largest retail bank, Lloyds TSB, has expanded its range of offshore services in Hong Kong with the opening of an office of its offshore banking subsidiary, Lloyds TSB (Isle of Man).

The office, which will be at the offices of Lloyds TSB bank in Hong Kong, will have two executives focused exclusively on local offshore banking clients.

The bank's regional chief executive, Stephen Richards Evans, says the new operation is aimed at providing Hong Kong clients of its Overseas Club with a higher level of service, with dedicated account managers based in Hong Kong.

The office will be staffed by Andrew Wenham, manager designate of the representative office, and Overseas Club executive Connie Yuen.

Overseas Club members can open an interest-earning cheque account in pounds sterling, US dollars or euros.

They are linked with a Visa debit card to provide easy access to funds internationally.

The sterling account also offers a cheque book.

Mr Richards Evans says the interest paid on the account is tiered, so higher rates of interest are paid on larger balances.

Interest is also paid on the first dollar or pound of deposits, unlike some offshore accounts which do not pay interest on amounts below several thousand pounds.

There are no daily account-keeping charges. Accounts have a modest annual-subscription charge of either GBP50, US$50, or 50 euros.

All interest is paid tax free.

Other services available to Overseas Club members include money-market accounts, fixed-term deposits, international money transfers, bank drafts and mortgages.

Members can also gain access to private-banking services, including offshore trusts and company formation, and an actively managed worldwide investment portfolio. Overseas Club members can access their accounts 365 days a year via the phone, the Internet, or their Hong Kong-based representatives.

Mr Wenham says the new local office will ensure that Lloyds TSB will 'continue to be the offshore banking selection of preference for both expatriates and locally-based customers alike'.

Lloyds TSB, one of the few Triple A-rated banks in the world, has more than 100 staff in its Hong Kong office.

Mr Richards Evans says the new offshore representative office will give Hong Kong clients a direct point of contact to assist them with complex banking inquiries.

He says Lloyds TSB offers clients the choice of offshore locations between Jersey and the Isle of Man.

'We are delighted to be able to respond to either one of those preferences.'

Mr Richards Evans says Lloyds TSB's offshore business in Hong Kong is expanding strongly.

'When times are tough, there is a move towards quality, and we have certainly been a beneficiary of that.'



Lloyds TSB in HK expands range of offshore services