Bank business transfers — new scheme to transfer all the business

In the recent judgment in In the Matter of the Representation of Standard Chartered (Jersey) Ltd [2013] JRC 172, . The court found that in appropriate cases it has jurisdiction to sanction a transfer of investment business.

The banking law was amended in 2008 to allow for transfers of deposit-taking business between entities by way of a court-sanctioned scheme. Before this change, transfers were effected by private law. The old process was time consuming and costly. The first transfer under the banking law, from Bank of Scotland, Jersey Branch to Lloyds TSB, did not take place until 2011. While the Standard Chartered application is only the second since the law was amended, it is likely that regulatory reforms and in particular the requirements of the Financial Services (Banking Reform) Bill for the UK banks to be ring-fenced will make bank reorganisations involving Jersey branches and entities more common…

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