Banks in Guernsey

Overview of Banks in Guernsey

Banking sector in Guernsey plays a very important role in the development of Guernsey. The first bank which was 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 near about 55 licensed Banks in channel islands (Jersey and Guernsey) and the range of services offered by them are quite diverse. Some banks offer retail banking services to domestic customers, other banks offer private banking and corporate banking services. Guernsey became an international financial center only because of this bank played an important role in the Guernsey economy.

The Guernsey Financial Services Commission is the regulatory body and which monitor the finance industry in Guernsey. GFSC regulates Banking, Insurance, Investment, and Fiduciary. The banks which are operating in Guernsey must be licensed by GFSC and are monitored by GFSC on an ongoing basis. As per GFSC number banks in Guernsey as of September 2018 was 23 with a total deposit with them was 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 bank established in the year 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 and it offers services like retail and corporate banking, wealth management, insurance, investor’s services, capital markets products, and services on a global basis. 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 it is one of the largest universal banks in Switzerland. Bank established its business during the year 1986 located at St Peter Port Channel Island, and Bank provides services of retail banking, corporate banking, wealth management, and international banking services, private banking to the individual, corporate and institutional clients. Credit Suisse AG Guernsey Branch participates in the deposit guarantee Scheme of Guernsey. The bank mainly considered as a debt issuing vehicle for Credit Suisse AG.

3. ABN AMRO

It is one of the top banks started it’s operating from more than 30 years. It is a subsidiary of the ABN AMRO Banking group which is owned by the Dutch government and has it’s 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 during the year 2018 and return on equity was 11.4%.

4. Schroders (C.I) Limited

The bank started its business in Guernsey during 1991 and economic activity of bank is community banking both private and retail, offshore and domestic deposit gathering, international private and corporate bank. It also participates in the deposit guarantee Scheme of Guernsey. The main focus of the bank is to provide investment services to the clients in Guernsey. As of June 2018 bank was responsible for nearly sterling 449.4 billion of assets on the behalf of clients which includes a corporation, insurance companies, local and public authority 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 and is licensed by the Guernsey Financial Services Commission to take a deposit and to provide investment business services as well as insurance related services. It also registered with GFSC as a money service provider. The bank also provides service like current and savings account, personal loans, mortgage, private banking, and assets management. Bank also participates in 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 licensed of operating money services business and Cheque Cashing. It operates as the subsidiary of HSBC Bank Plc. The bank started its business during the year 1985 and the bank also participates in deposit guarantee Scheme of Guernsey.

7. Butterfield Bank Guernsey Limited

The bank was started its operation in the year 1973 and it is the subsidiary of The Bank of Butterfield N.T and son limited. It offers services in private banking, lending, and fiduciary services, investment management services, custody and administered banking services. Net income of bank at the end of the year 2018 was 195.2 Million dollars which are 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 deposit guarantee Scheme of Guernsey.

8. EFG Private Bank (Channel Islands) Limited

It is a UK based private banking division of EFG International and it operates as a subsidiary of EFG private bank (United Kingdom). Bank provides wealth management and private banking services to customers through dedicated client relationship officers. Bank started its business in Guernsey the year 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 the Guernsey branch of it offers a range of services to retail and corporate customers including personal banking customers, premier banking customers, Association, non-profits, SMEs and local corporate and institutions, etc. The bank is licensed under GFSC and it also participates in the deposit guarantee Scheme of Guernsey. Bank also provides service to fiduciary, captive, and fund clients together with specialist services. It is one of the oldest banks and managing client’s money from 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 the year 1999 bank grand full branch status and become Bank Julius Baer and Co.Ltd. Guernsey branch. Today bank employ’s more 100 staff and offers financial services like relationship management, Investment management, Mortgage credit. The operating income of the bank was CHF 3,367.8 Million during 2018 which is 3.6% higher than the previous year. Bank also participates in deposit guarantee Scheme of Guernsey. The bank serves as one of the great foreign banks.

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