Guernsey has welcomed the establishment of two new banking subsidiaries so far this year. Both are administered operations.

First, Deutsche Bank established a subsidiary in March. Deutsche Bank (C.I.) Limited is to offer private banking services to customers from its base in Guernsey.

Second, Cheshire Building Society opened a subsidiary in April. Cheshire Guernsey Limited will offer a range of deposit accounts to its offshore customers.

Peter Crook, Director General, says: ' We are delighted to welcome these two new banks to the Island. This in an indication of the banking industry's continued confidence in Guernsey as an international finance centre.'

He adds that this confidence is further enhanced by three more bank applications currently being processed at the Commission and by several potential new banks which are showing serious interest in Guernsey as their offshore base.

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For further information contact Peter Crook on Tel: +44 (0) 1481 712706

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