(Update Issue Number 8 Autumn/Winter 1996)
The Dutch banking group ING, which became established in Guernsey following its take-over of Barings including Barings (Guernsey), has increased its local presence by adding to its existing operations a branch of ING Bank (Switzerland).
Coupled with the recent arrival of the Bank of Cyprus (Channel Islands), a subsidiary of the Bank of Cyprus, this brings the total number of administered banks in the Island to twenty two.
The policy of encouraging administered banks (which should not to be confused with 'brass plate' or 'cubicle' banks as found in some other jurisdictions) is continuing to prove successful. This is partly because the new arrivals are spared the expense and difficulty of finding their own premises and staff. Setting up as an administered bank and paying a management fee to another bank offers a much easier option. In addition, the large number of Guernsey banks which now specialise in managing administered banks ensures competitive fee structures.
As the list of authorised Guernsey deposit-takers shows, there is a variety of administered banks but there are two main categories - those which have corporate connections with their managed bank and those which do not.
Those corporately connected are: Adam & Company International and Banco Santander (Guernsey) managed by Royal Bank of Scotland International; Bank Hofmann, Credit Suisse (Deutschland) AG and Swiss Volksbank managed by Credit Suisse, Guernsey; C&G Channel Islands managed by Lloyds Bank; ING Bank (Switzerland) managed by Barings (Guernsey); Republic National New York (Cayman) and Republic National New York (Suisse) managed by Republic National New York (Guernsey); Rothschild Bank Switzerland (Cl) managed by N.M. Rothschild & Sons (Cl).
More interestingly (because they illustrate how well two totally unconnected banks can work together) unconnected administered banks comprise: Baden- Wurttembergische Bank AG, Bank Sarasin (Guernsey), Bank of Cyprus (Cl), Birmingham Midshires and Skipton Guernsey, all managed by Royal Bank of Canada; Woolwich Guernsey managed by Rea Brothers; Banque Paribas Suisse (subsidiary and branch) managed by Ansbacher (Guernsey); Northern Rock (Guernsey) and First National Building Society Guernsey managed by CIBC Bank & Trust; Sabanci Bank (Guernsey) managed by Midland Bank; Saudi International Bank (Guernsey) managed by Barings.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: info@gfsc.guernseyci.com
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
