STEPHEN HENRY has been named as the new managing director of Investec Bank (Channel Islands) Ltd.

Subject to regulatory approval, he will take over in September.

He is currently finance director at the Guernsey-based bank and has been with the company for 13 years, working closely alongside current managing director Mort Mirghavameddin.

‘I’m delighted to be taking on this role,’ said Mr Henry.

‘These are exciting times for Investec in the Channel Islands; with our continued success in Guernsey and the Jersey branch office having just celebrated its first anniversary, we are fast becoming the bankers of choice to our targeted clientele.’

Investec Bank (Channel Islands) Ltd has seen profits grow from £8m. in 2005 to £20.9m. in 2008 and its client deposit book increased from £811.8m. to £1.671bn over the same period.

‘My intention therefore is to retain our current, very successful strategy of focusing on delivering impeccable service and innovative wealth creation solutions for our clients.’

Mr Mirghavameddin steps down in September after eight years at the helm in order to pursue other interests.

‘My time with Investec has been thoroughly rewarding and the success we’ve had in terms of growing the Channel Islands business has been tremendous.

‘Stephen has been closely involved in the strategic direction of the business throughout my time and I’m sure will prove to be an excellent choice of leader to take the business forward.’