BANKING SYSTEM OF GUERNSEY Banks have played a key role in the development of Guernsey as an international financial center. The first merchant bank was established in Guernsey in 1963 and today there are around 55 licensed banks in the island with deposits of around GBP70 billion. They represent a range of countries with concentrations of banks with head offices in the UK and Switzerland. Other banks are from Bahrain, Bermuda, Canada, Cyprus, France, Germany, Greece, Hong Kong, Ireland, Italy, Netherlands, South Africa, Qatar and the USA.. Thirty-six per cent of deposits are in sterling, and most banks offer foreign currency deposits. The most recent growth in the deposit base of Guernsey banks has been in foreign currency. In fact, over 35% of currency deposits held by Guernsey banks are US dollar deposits and the euro makes up about 23% of deposits. The range of services offered by banks in Guernsey is quite diverse. Some provide retail banking services essential to the local community. Others target the affluent expatriate market, primarily attracting their deposits. There are also banks offering "private banking" services attracting high net worth individuals who seek a total wealth management solution to their financial needs. Banks also support the other financial services businesses operating in Guernsey providing custody, foreign exchange and other banking services to the investment, fund administration, fiduciary and insurance sectors. There are also a number of European banks that specialize in providing banking services to the corporate market. Guernsey’s global location, time zone, political stability and high traditional standards of regulation and service are deciding factors for financial institutions wishing to set up operations in offshore jurisdictions. As by January 2005 the following institutions were licensed under Section 6 of the Banking Supervision (Bailiwick of Guernsey) Law, 1994 to take deposits:
Adam & Company International Limited Ahli United Bank (UK) PLC Guernsey Branch Ansbacher (Channel Islands) Limited - Guernsey Branch Baden-Wurttembergische Bank AG Bank Julius Baer & Co Ltd - Guernsey Branch Bank of Bermuda (Guernsey) Limited Bank of Cyprus (Channel Islands) Limited Bank Sarasin (C.I.) Limited Banque Cantonale Vaudoise Guernsey Branch Barclays Bank PLC Barclays Private Clients International Limited, Guernsey Branch Barings (Guernsey) Limited BNP Paribas (Suisse) SA BSI (Channel Islands) Limited BSI Generali Bank (CI) Limited Butterfield Bank (Guernsey) Limited C & G Channel Islands Limited Cheshire Guernsey Limited Clariden Bank (Guernsey) Limited Close Bank Guernsey Limited The Co-operative Bank p.l.c. Credit Suisse First Boston Guernsey Branch Credit Suisse Guernsey Branch Credit Suisse (Guernsey) Limited D.A.H Hambros Bank (Channel Islands) Limited Deutsche Bank International Limited EFG Eurobank Ergasias International (C.I.) Limited EFG Private Bank (Channel Islands) Limited EFG Bank (Guernsey Branch) First Active Bank Channel Islands Limited HSBC Bank PLC HSBC Private Bank (Guernsey) Limited HSBC Private Bank (Suisse) S.A., Guernsey Branch HSBC Bank International Limited Investec Bank (Channel Islands) Limited Kleinwort Benson (Channel Islands) Limited - Guernsey Branch Laiki Bank (Guernsey) Limited Lloyds TSB Offshore Limited - Guernsey Branch MeesPierson (C.I.) Limited Mellon Bank (Channel Islands) Limited National Bank of Greece SA Guernsey Branch Northern Rock (Guernsey) Limited Portman Channel Islands Limited RBSI Custody Bank Limited, Guernsey Branch N M Rothschild & Sons (C.I.) Limited Rothschild Bank Switzerland (C.I.) Limited Royal Bank of Canada (Channel Islands) Limited The Royal Bank of Scotland International Ltd - Guernsey Branch Schroders (C.I.) Limited SG Hambros Bank & Trust (Guernsey) Limited Skipton Guernsey Limited Yorkshire Guernsey Limited
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