An administered (or managed) bank is an operation that does not have a stand alone presence. It is licensed in its own name, all its business is conducted in Guernsey and its books and records must be kept on the Island. However, it has few, if any, personnel of its own and administration is carried out on behalf by another bank (the administering bank) which already has a stand alone presence in the Island. This bank will also supply any office accommodation required.
Administered banks are not to be confused with "brass plate" or "cubicle" banks which cannot be established in Guernsey but do not exist in some jurisdictions.
Any new administered bank would be expected to be a subsidiary or branch with a high reputation and standing with an established track record. It would be expected to add to Guernsey's reputation as a finance centre and contribute significantly to the economy of the Island.
This article provides a general outline on the subject at the time of writing. It is not intended to be exhaustive nor to provide legal advice in relation to any particular situation and should not be acted on or relied upon without taking specific advice.