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