First National Bank (FNB), the retail arm of South Africa’s FirstRand Group, is stepping up its presence in Guernsey, aiming to capture more business from high-net-worth individuals and South African expatriates seeking offshore stability.

The lender said it plans to apply for a credit license by the end of the year, a move that would upgrade its current branch operation and allow it to broaden its suite of international banking services. FNB has held a branch license in Guernsey for a decade, but its roots on the island stretch back more than 50 years through a trust-focused entity originally designed to serve affluent clients.

According to Bloomberg, the bank’s offshore deposits have reached £1 billion ($1.3 billion), with around 10% coming from local Guernsey clients. Its customer base has grown to 9,000, while its trust business—used by African clients to externalize wealth—now oversees £1.7 billion in assets under administration.

FNB expanded its Guernsey offering in 2015 to include international banking and savings products. Since then, the island has become a strategic offshore hub for the group’s clients seeking diversification away from South Africa’s volatile macroeconomic environment.

“Market volatility, currency depreciation, geopolitical instability and changes in tax trends have all prompted South Africans to look to international banking as a means of hedging risk while remaining firmly rooted in the country,” FNB said in a statement.

The bank is also setting its sights on the nearly 3,000 South African nationals living in Guernsey, accounting for about 5% of the island’s population, as well as wealthy individuals across other African markets where FirstRand operates.