Guernsey has the capacity and expertise to attract more administered banks, according to Ken Gregson, the recently elected new president of the Association of Guernsey Banks which has 64 members.
Mr Gregson, head of Barclays Bank in the Guernsey Bailiwick, believes the Island is now firmly perceived as a 'quality' international finance centre and, as such, will continue to expand.
He sees some of this expansion arising from a growth in the number of administered banks on the Island. These are banks whose back-office transactions are handled by another bank which has a stand-alone presence. Currently 20 of the Island's 74 banks are administered. They have been encouraged mainly because of their economical use of physical and human resources.
However, unlike 'brass plate' or 'cubicle' banks which are found in other centres, Guernsey's administered banks are obliged to meet the same high supervisory criteria as any other bank.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.
The contents of this article are intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
Mr Gregson, head of Barclays Bank in the Guernsey Bailiwick, believes the Island is now firmly perceived as a 'quality' international finance centre and, as such, will continue to expand.
He sees some of this expansion arising from a growth in the number of administered banks on the Island. These are banks whose back-office transactions are handled by another bank which has a stand-alone presence. Currently 20 of the Island's 74 banks are administered. They have been encouraged mainly because of their economical use of physical and human resources.
However, unlike 'brass plate' or 'cubicle' banks which are found in other centres, Guernsey's administered banks are obliged to meet the same high supervisory criteria as any other bank.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.
The contents of this article are intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
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