Anglo Irish Bank has opened a full branch in Jersey in an effort to source cash from non-bank intermediary clients there in a market worth some €250 billion.
The bank's office at St Helier, which will initially employ a staff of four, is led by head of corporate treasury Patrick Scully.
"Jersey is an extremely important jurisdiction for international financial services with its highly regulated environment governing both banking and the non-bank intermediary markets," he said. "It is this high-quality jurisdiction that has immense appeal for us.
"With cash now being an asset class in its own right, we are very confident we can improve returns for those non-bank intermediary clients with cash on deposit."
The move into Jersey comes not long after the bank sold off its Isle of Man trust company for £35 million (€52 million) to a group of locally based managers.
Anglo said it expected that most of its business in Jersey would be generated from the thriving trust and fund management sector in which "firms will be seeking the best possible interest rates on the cash assets they manage on behalf of international clients".
Anglo raised €542 million last week in a placing of 35.7 million new shares. The placing, available only to institutional investors, was more than four times oversubscribed.
