Sancus’ group finance function — which currently operates in Guernsey — will move to Jersey in the first half of 2023.
The business will continue to participate in lending opportunities in the Guernsey market after the move.
After completing a review of its activities in Gibraltar, Sancus said it had not identified sufficient quality lending opportunities to merit a continued presence in the region.
Following the changes, the group’s CFO Emma Stubbs has decided to step down from the role.
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Tracy Clarke — current NED at Sancus and managing director at Carlton Management Services — will take over as interim CFO for an initial period of 12 months, after Emma formally departs at the end of March.
In addition, Sancus stated its intentions to appoint Carlton Management Services to augment and support the development of the group’s finance function.
The lender said it intends to appoint a permanent CFO in due course and review its current arrangements in 12 months.
“The continued retrenchment of banks and alternative lenders from development financing provides attractive opportunities for the alternative lenders that can remain active, and with its recently successful corporate financing, Sancus is well positioned to take advantage of these opportunities,” it said in an official statement.
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