Appleby Finance Newsletter, Q1 2014: Jersey court-sanctioned banking business transfers

By Wendy Benjamin

Standard Chartered consolidated its two Jersey banking entities (Standard Chartered [Jersey] Ltd and Standard Chartered Bank, Jersey branch) into a single operating platform for its Jersey business in September 2013.

The transaction was ground-breaking in its use of the Banking Business (Jersey) Law 1991 (Banking Law), which allows Jersey banking business (technically deposit-taking business) to be transferred from one bank to another by means of a court-sanctioned scheme.

The Royal Court of Jersey confirmed in Re Standard Chartered (Jersey) Ltd [2013] JRC172 its jurisdiction to transfer investment business alongside banking business under the scheme in appropriate cases, despite the lack of clear permissive wording in the Banking Law…

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