Lyndon Trott to become Guernsey Finance chairman

He replaces Jim Gilligan, who has held the role at the promotional agency for the island's finance sector for the past nine years.

Deputy Trott has been a member of the Guernsey Finance board for the past two years and is known to have been keen to get back to working on the international stage, as he did during his four years as chief minister between 2008 and 2012. He will formally take over on 1 December.

He was bullish about the industry's prospects as the new role was announced.

'Finance is great for Guernsey and Guernsey is great for finance,' he said.

'Guernsey has a very strong offer – quality, stability, expertise and substance. Our banking sector remains strong, we're a world leader in insurance and trusts, and we have a powerful funds sector that drives investment into the UK and Europe.

'Guernsey is a genuine centre of excellence, but we are not complacent – it's a competitive world, and Guernsey will stay competitive and sharpen its elbows to make sure we keep attracting world-class business.'