A further four banking licences have been issued in Guernsey bringing the number of banks in the Island to a record number of 78.
First, D.A.H. Hambro (Channel Islands) Limited established a subsidiary. It is ultimately owned by three banking groups: Hambros, DAH Sing and Abbey National and is the sister company of the Hong Kong bank, DAH Private Bank Ltd.
Second, Fiduciary Trust International, a New York State-registered bank has established a branch on the Island.
A third licence was approved for the opening of a branch of RBSI Custody Bank Limited, part of the Royal Bank of Scotland Group.
Finally, Canadian Imperial Bank of Commerce (Switzerland) Limited was licensed to operate a Guernsey branch thus adding to the presence of CIBC which established a subsidiary in the Island several years ago.
Philip Marr, Director of Banking, said: "These new banking businesses show the continuing diversity of geographical origins of Guernsey banks as the new operations are from Hong Kong, the USA, the UK and Canada. We now have banks with parents in over seventeen different countries."
He added: "Quite apart from creating a new record number of Guernsey banks these four new licences are among seven issued so far in 1997. Given the strong interest being shown by other potential banking newcomers, particularly in the field of private banking, I anticipate further licences could be issued before the year end."
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For further information contact Nigel Taylor, Director of Investment Business or Tammy Menteshvili, Deputy Director of Investment Business on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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