Guide to registration of banks in Guernsey
Banks have been very important in helping Guernsey to develop as an international finance centre. At the end of 2012, there were 32 banking entities licensed in Guernsey representing 11 different countries including the UK, Switzerland, Bahrain and Bermuda and the total value of total deposits held in Guernsey at the end of December 2012 was £86.7bn. Banking entities in Guernsey offer a range of services including retail banking services for local people, services for high-net-worth individuals and corporate banking services.
The Guernsey Financial Services Commission (GFSC) expects new banks entering the Guernsey market to be reputable, of good standing and with an established track record in banking. Any bank wishing to establish a presence in Guernsey must make an application under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended…
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