Updated July 28, 2023
Overview of Banks in Guernsey
The banking sector in Guernsey plays a very important role in the development of Guernsey. The first bank established in Guernsey was Guernsey Saving Bank in 1822, and then in the year 1963, the first merchant bank was established in Guernsey. Today in Guernsey, there were about 55 licensed Banks in channel islands (Jersey and Guernsey) and their diverse range of services. Some banks offer retail banking services to domestic customers; others provide private and corporate banking services. Guernsey became an international financial center only because this bank played an essential role in the Guernsey economy.
The Guernsey Financial Services Commission is the regulatory body that monitors the finance industry in Guernsey. GFSC regulates Banking, Insurance, Investment, and Fiduciary. GFSC must license and continuously monitor the banks operating in Guernsey. As per GFSC number, banks in Guernsey as of September 2018 were 23 with a total deposit of Pound Sterling 90536 million. Many banks and financial institutions in Guernsey provide services like foreign exchange, fund administration, custodian, and insurance.
Top Banks in Guernsey
We will look at the top 10 banks of Guernsey below –
1. Royal Bank of Canada (Channel Island) Limited
It is one of the top banks established in 1973 and regulated by the Guernsey Financial Services Commission in Guernsey and Jersey Financial Services in Jersey. It is one of the largest banks in Canada, offering services like retail and corporate banking, wealth management, insurance, investor’s services, capital markets products, and services globally. The bank participates in the Guernsey Banking Deposit Compensation Scheme called “The Guernsey Scheme.” The bank posted an overall income of CAD 12,431 Million in October 2018, which is 8% higher than the previous year during the same period.
2. Credit Suisse AG (Guernsey Branch)
It is a Swiss-based international financial bank founded in 1856 and one of the largest universal banks in Switzerland. Bank established its business in 1986 at St Peter Port Channel Island. Bank provides retail banking, corporate banking, wealth management, international banking services, and private banking to individual, corporate, and institutional clients. Credit Suisse AG Guernsey Branch participates in the deposit guarantee Scheme of Guernsey. Credit Suisse AG mainly considers the bank as a debt-issuing vehicle.
3. ABN AMRO
It is one of the top banks that started operating for more than 30 years. It is a subsidiary of the ABN AMRO Banking group, owned by the Dutch government and headquartered in the Netherlands. Bank provides wealth management services to individual and institutional clients. ABN AMRO Bank is also participating in the Guernsey Deposit Guarantee Scheme. Bank reported a net profit of EUR 2,325 Million in 2018, and the return on equity was 11.4%.
4. Schroders (C.I) Limited
The bank started its business in Guernsey in 1991, and the economic activity of the bank is community banking, both private and retail, offshore and domestic deposit gathering, and international private and corporate banking. It also participates in the deposit guarantee Scheme of Guernsey. The bank’s main focus is to provide investment services to clients in Guernsey. As of June 2018, the bank was responsible for nearly sterling 449.4 billion of assets on behalf of clients, which includes a corporation, insurance companies, local and public authorities,ies, and so on.
5. Lloyds Bank International Limited (Guernsey Branch)
Lloyds Bank International Limited is a subsidiary of Lloyds Bank corporate market PLC. The Guernsey branch is located at St Peter Port. The Guernsey Financial Services Commission licenses it to take a deposit and provide investment business and insurance-related services. It is also registered with GFSC as a money service provider. The bank also provides services like current and savings accounts, personal loans, mortgages, private banking, and assets management. Bank also participates in the deposit guarantee Scheme of Guernsey.
6. HSBC Private Bank (C.I) Limited
HSBC provides private banking, investment, and wealth management services and products to high Net worth individuals and their families and trust. A bank is licensed under GFSC and has a license to operate a money services business and Cheque Cashing. It operates as a subsidiary of HSBC Bank Plc. The bank started its business during the year 1985, and the bank also participates in the deposit guarantee Scheme of Guernsey.
7. Butterfield Bank Guernsey Limited
The bank started its operation in 1973, and it is the subsidiary of The Bank of Butterfield N.T, and son limited. It offers services in private banking, lending, fiduciary services, investment management services, custody, and administered banking services. The bank’s net income at the end of 2018 was 195.2 Million dollars, 41.9 Million dollars higher than the previous year. The main goal of Butterfield in Guernsey is fulfilling the financial needs of those who demand a high level of personal service and expertise. Bank also participates in the deposit guarantee Scheme of Guernsey.
8. EFG Private Bank (Channel Islands) Limited
It is a UK-based private banking division of EFG International and operates as a subsidiary of EFG private bank (United Kingdom). Bank provides customers with wealth management and private banking services through dedicated client relationship officers. Bank started its business in Guernsey in 2011 and provides services like banking and credit financial planning, investment management, offshore trust, and compares formation and management.
9. Barclays Bank PLC, Guernsey Branch
Barclays Bank is a global universal bank, and its Guernsey branch offers a range of services to retail and corporate customers, including personal banking customers, premier banking customers, associations, non-profits, SMEs, local corporate and institutions, etc. GFSC licenses the bank, and it also participates in the deposit guarantee Scheme of Guernsey. Bank also provides services to fiduciary, captive, and fund clients with specialist services. It is one of the oldest banks, managing clients’ money for 325 years.
10. Bank Julius Baer and Co.Ltd. Guernsey Branch
Bank was started in 1994 as a subsidiary of Julius Baer Holding with 12 staff members. In 1999, the bank had a full branch status and became Bank Julius Baer and Co.Ltd. Guernsey branch. Today bank employs over 100 staff and offers financial services like relationship management, Investment management, and Mortgage credit. The bank’s operating income was CHF 3,367.8 Million in 2018, 3.6% higher than the previous year. Bank also participates in the deposit guarantee Scheme of Guernsey. The bank serves as one of the great foreign banks.
This has been a guide to Banks in Guernsey. Here we have discussed the 10 Top most banks with their financial structure. You may also look at the following articles: