The Top Ten Most Popular Banks In Guernsey For Foreigners.
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Table of Contents
Introduction
Guernsey is said to have become a major worldwide financial hub for only one reason. It’s because Guernsey’s banks have played a crucial part in the island’s development.
Guernsey’s first bank was established in 1963. There are now 24 licenced banks that provide a variety of services to their consumers. From retaining local customers to courting an expatriate market for large deposits from high-net-worth individuals, the bank has it all.
Guernsey has it all, from local to international banks. Investment banking, foreign currency services, fund administration, insurance, and fiduciary services are all offered by many financial institutions and banks.
Guernsey’s Banking Structure
The banking sector in Guernsey is one of the most dynamic in the world. Guernsey’s banks are organised into two distinct categories: –
Trading companies and holding companies profit from the corporate banking industry. The corporate banking industry of Guernsey also assists corporations in investing in the correct assets/investments.
The private banking sector strives to acquire large deposits from high-net-worth individuals from the United Kingdom and other countries.
According to the most recent report, Guernsey’s banks had total assets of US$109 billion, which included securities, advances, loans, investments, and other items. On the other hand, these banks’ total liabilities were US$154 billion.
Royal Bank Of Canada Limited (Channel Islands)
Guernsey’s top bank, Royal Bank of Canada (Channel Islands) Limited, was founded in 1973. The Guernsey Financial Services Commission in Guernsey and the Jersey Financial Services Commission in Jersey were in charge of this bank. Because it was registered under the Banking Business (Jersey) Law of 1991 and the Banking Supervision (Guernsey) Law of 1994, this bank can accept deposits. Because it is registered under the Financial Services (Jersey) Law, 1998, and the Protection of Investors (Guernsey) Law, 1987, it also serves in the investment business.
Abn Amro
ABN AMRO is one of Guernsey’s most prestigious banks. ABN AMRO acquired €390.317 billion in total assets in 2015, with €183.7 billion in assets under management in 2014. In 2015, a profit of €1.924 billion was declared. In the same year, operating income was €8.455 billion. ABN AMRO was established in 1991, which is thirty-one years ago. Its headquarters are in Amsterdam, but it has a significant presence in Guernsey. There are 22,048 individuals employed here.
Guernsey Branch Of Bank J. Safra Sarasin Limited
The leading bank with a branch in Guernsey is Bank J. Safra Sarasin Limited, Guernsey Branch. It is a privately owned corporation. It was founded in the mid-twentieth century. Despite its headquarters in Sao Paulo, Brazil, this bank maintains a sizable customer base in Guernsey. Approximately 30,000 people work here. The entire corporation is led by Joseph Safra, who serves as chairman. Customers in the United States, the Middle East, Europe, the Caribbean, Latin America, and Asia can also benefit from this bank.
Guernsey Branch Of Julius Baer & Co. Ltd
Bank The top bank in Guernsey is Julius Baer & Co. Ltd. Guernsey Branch, which is part of the Julius Baer Group. This company employs approximately 5,390 employees. Julius Baer’s total assets in 2013 were CHF 72.522 billion. In the same year, the profit was CHF 188 million. The same year’s revenue was astonishing, at CHF 2.195 billion. It was founded in 1890, making it 132 years old, and is based in Zurich, Switzerland. In Guernsey, it operates as a major foreign bank.
Limited By The Bank Of Cyprus (Channel Islands)
The Bank of Cyprus (Channel Islands) Limited was established in 1899, making it more than 123 years old. In the first quarter of 2019, 4,156 people were employed here. In 2020, the Bank of Cyprus acquired €21.514 billion in total assets. Operating income and revenue were €197 million and €765.11 million, respectively, in the same year. It is based in Strovolos, Nicosia, Cyprus, with a presence in the Channel Islands.
Guernsey Branch Of The Swiss Cantonal Bank
Guernsey Branch of Banque Cantonale Vaudoise is a Swiss cantonal bank with a branch in Guernsey. It was established in 1845, over 177 years ago. As of 2014, this bank had 74 branches in Switzerland. According to the 2018 report, the Banque cantonale vaudoise employs 1,896 people. The total assets of Banque Cantonale Vaudoise were reported to be CHF 47.8 billion in 2018. This bank is one of 24 in Switzerland that serve 26 cantons.
Guernsey Branch Of Barclays Bank Plc
The Guernsey Branch of Barclays Bank PLC was one of the world’s oldest banks. It was established on November 16, 1690, over 332 years ago. Its headquarters are in London, England. It does, however, have a branch in Guernsey. According to the most recent statistics from 2016, the city employs roughly 129,400 people. In 2016, the total assets were 1.213 trillion pounds. Revenue and operating incomes were 21.451 billion and 3.230 billion pounds, respectively, in the same year. Retail banking, commercial banking, investment banking, and wealth management are among the services it offers.
Guernsey-Based Butterfield Bank Limited
The Bank of N.T. Butterfield & Son Limited is the official name of this bank. This Bermuda bank was established in 1858, about 164 years ago. Its headquarters are in Bermuda’s Hamilton. It does, however, have a branch in Guernsey. It serves the Bahamas, Cayman Islands, Guernsey, Switzerland, and the United Kingdom, among other places. The Bermuda Stock Exchange lists it (BSX).
Credit Suisse Ag Is A Financial Services Company Based In Switzerland (Guernsey Branch)
As a subsidiary of Credit Suisse AG, Credit Suisse AG, Guernsey Branch services its customers in Guernsey. It was established in 1986. The Guernsey Branch of Credit Suisse AG is based in St. Peter Port, Channel Islands. General banking, private banking, and online banking are the three types of services it offers. Credit Suisse AG, Guernsey Branch is also regarded as a debt-issuing instrument for Credit Suisse AG.
(Channel Islands) Portman Ltd.
The Portman Building Society has a subsidiary called Portman (Channel Islands) Ltd. This bank was previously a division of Scarborough Building Society. According to the most recent report we received in 2016, this bank’s total assets were US$2,374.9 billion, and its total income was US$59,836 million. It primarily provides mortgage banking and savings banking services. Even while it serves a large portion of the United Kingdom, it also benefits clients in the Channel Islands and Guernsey.
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