A conversation with Jon Rudge, Commercial Director at Capital International Bank
Capital International Bank is a regulated bank headquartered in the Isle of Man, serving corporates, trusts and high net-worth individuals. The European recently caught up with Commercial Director Jon Rudge to explore the bank’s focus on dependable service, taking a pragmatic approach to risk, as well as the sustainability initiatives currently underway as part of “Conscious Capital”.
What were the key drivers behind Capital International Bank being incorporated?
Jon Rudge: In the modern economic landscape, access to a reliable banking provider is essential. Understanding the banking issues corporates typically face, such as slow application processes, poor client support and outdated technology, our goal is to provide corporates with a dependable banking service delivered by our team in the Isle of Man.
When we describe our service as dependable, we are referring mainly to two aspects of our proposition: the first is the platform itself which is secure, modern and easy to use. The second is the superior level of service offered, whereby clients can pick up the phone and speak to a member of our team to resolve an issue rather than waiting hours in a call queue or back and forth with a chatbot.
Why is pragmatic, risk-based decision-making important?
JR: We have seen that many other financial institutions have reduced their appetite for new business, often applying a rigid “checklist approach” to applicants. In order to solve this problem, we believe in applying our minds to ensure we reach the best possible outcome for a new applicant.
Through the experience of our senior management team, we have an intricate knowledge of the industries local to the Isle of Man as well as those with a significant presence in other international finance centres. Using this level of understanding of certain sectors and industries, we are able to assess each account application on a case-by-case basis.
As a result, we are able to make informed decisions which provide the applicant with a quick “yes” or “no” as to whether their application can progress to the next stage with a view to becoming their sustainable banking partner for years to come.
What initiatives are the bank undertaking to align with the goals of COP29?
JR: Being based on the Isle of Man, we believe that the financial services sector, which accounts for 32% of the island’s economy, has a huge responsibility to drive positive change.
Capital International Group, which is the parent company of Capital International Bank, first published its ESG Purpose and Mission Statement in 2020, which sets out our aim to become carbon neutral and net positive in terms of our community contributions by the end of 2025.
Is this where “Conscious Capital” comes into play?
JR: That’s right.Everything the Group does in this regard falls under “Conscious Capital”, an area of our business dedicated specifically to our sustainability initiatives.
The Group is incredibly active in this regard, part of which is Capital International Bank’s commitment to planting two trees for every account we open.
For us it’s not about writing a cheque and watching our forests grow, instead, we bring our people to the sites where they can engage in the projects and plant the trees themselves.
Further information
www.capital-iom.com/bank
Regulated investment and banking activities are undertaken by Capital International Group Limited’s licensed member companies. Capital International Limited, Capital Financial Markets Limited, and Capital International Bank Limited, are licensed by the Isle of Man Financial Services Authority. Capital International Limited is a member of the London Stock Exchange. Capital International Bank Limited is a wholly owned subsidiary of Capital International Group Limited (www.capital-iom.com), a privately owned financial services group based in the Isle of Man and operates as a non-retail, restricted deposit taker under a Class 1 (2) licence. Deposits are not covered by the Isle of Man Depositors’ Compensation Scheme and terms and conditions apply. Capital International Bank is the trading name of Capital International Bank Limited. Capital International Bank Limited is also licensed by the South African Reserve Bank Prudential Authority to conduct the business of a Representative Office in South Africa. CILSA Investments (Pty) Ltd (FSP No. 44894) trading as Capital International SA, is licensed by the Financial Sector Conduct Authority in South Africa.
