LLOYDS Bank, which recently had the status of its Hong Kong representative office upgraded to a restricted licence bank, is offering a service which allows investors to diversify assets offshore.
The Lloyds Bank Overseas Club is designed to appeal to local investors and expatriates.
Based on the Isle of Man, the club offers overseas residents a variety of financial services outside the British tax net.
The club has operated in Britain for nearly a decade but it is only now being promoted locally following the recent integration of Lloyds Bank and Hill Samuel Bank Hong Kong under the Lloyds Bank name.
The parent group, Lloyds TSB Group, is the world's fourth largest bank in terms of market capitalisation with US$43,920 million in assets.
The club service costs GBP50/US$75 annually with no other account operation charges and no minimum deposit and gives members an offshore cheque account in either sterling or US dollars, a tiered rate of interest depending on the amount deposited (currently maximum 5.64 per cent on sterling), 24-hour telephone banking services and full money transmission services.