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List of Banks in Jersey
Banking in Jersey (Channel Islands)
A guide to Jersey (Channel Islands) banks, bank accounts and banking
services in Jersey (Channel Islands).
Banking operations in Jersey are regulated and governed by the Banking
Business Law and the Banking Business Order both of 1991. The laws
provide for the protection of Jersey's economic interests and as a
financial centre as well as the actual depositors. All operations are
supervised by the Finance and Economics Committee of Jersey who is
responsible for the consideration and issuing of banking licenses.
Jersey is widely regarded as one of the safest offshore jurisdictions in
which to bank, invest or establish a trust because it is an economically
and politically stable jurisdiction and one which employs the strictest
regulatory practices.
If you want to open an offshore bank account in Jersey then the
procedure is the same as in any other good offshore jurisdiction which
abides by the rules relating to anti money laundering and doing the
correct 'know your customer' due diligence. To fulfill the most basic
requirements for a Jersey offshore bank account you will have to
complete an application form, present notarised copies of your
identification and proof of your address.
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List of Banks in Jersey
There are more then 55 banks operating in total in Jersey
including branches and subsidiaries of British clearing
banks and international banks, offering a full banking range
of services. Advantages to banking on the Island include
confidentiality, freedom of currency exchange, tax deferral,
tax reduction and low commercial and political risk. The
overall volume of deposits in Jersey in September 2003 stand
at approximately GBP155.8 billion, a 14% increase compared
with the same period of 2002.
Banking registration fees stand at an initial amount of
GBP7.500 and every year thereafter.
Abbey National International
ABN AMRO Bank N.V., Jersey Branch
AIB Bank (C I)
Alpha Bank Jersey
Anglo Irish Bank Corporation plc, Jersey Branch
Ansbacher (Channel Islands)
Bank Leumi (Jersey)
Bank of India, Jersey Branch
Bank of Scotland International
Bank of Scotland plc, Jersey Branch
Banque Transatlantique (Jersey)
Barclays Bank plc, Jersey Branch
Barclays Private Bank & Trust
Barclays Private Clients International Limited, Jersey
Branch
BHF-Bank (Jersey)
BNP Paribas S.A. Jersey Branch
BNP Paribas Securities Services Custody Bank
Citibank (Channel Islands)
Citibank N.A., Jersey Branch
Citicorp Banking Corporation
Deutsche Bank International
Dexia Private Bank Jersey
EFG Private Bank (Channel Islands) Limited, Jersey Branch
Fairbairn Private Bank
HSBC Bank International
HSBC Bank Middle East
HSBC Bank Plc, Jersey Branch
HSBC Private Bank (Jersey)
ING Bank (Jersey)
Investec Bank (Channel Islands) Limited, Jersey Branch
JPMorgan Chase Bank N.A.,Jersey Branch
Kleinwort Benson (Channel Islands)
Lloyds TSB Bank Plc, Jersey Branch
Lloyds TSB Offshore
National Westminster Bank Plc, Jersey Branch
Royal Bank of Canada (Channel Islands) Limited, Jersey
Branch
SG Hambros Bank (Channel Islands)
Standard Bank Jersey
Standard Chartered (Jersey)
Standard Chartered Bank, Jersey Branch
The Co-operative Bank
The National Bank of Dubai P.J.S.C., Jersey Branch
The Royal Bank of Scotland Plc, Jersey Branch
Royal Bank of Scotland International Limited (also trading
as NatWest Offshore)
UBS AG, Jersey Branch
UniCredit Bank Cayman Islands
Union Bancaire Privée, Jersey Branch |
Jersey Financial Services
Commision
The Financial Services Commission in Jersey supervises and regulates the
Island's finance industry. Its a self-financing corporate body deriving
it's income from registration and other fees for licences under laws
relating to business and finance.
Banking Division
The Banking division is responsible for the regulatory supervision of
all registered deposit-takers. It is also required to identify and act
upon any circumstances where unauthorised deposit-taking may be taking
place.
Banking supervision is co-ordinated and promoted internationally by the
Bank for International Settlements, which is based in Basel, Switzerland.
One of its key functions is to develop and promote policies and good
practice relating to banking regulatory matters; it is therefore a
regular source of reference material.
One key concept promoted by BIS has been the concept of consolidated
supervision, whereby international banks are supervised across
jurisdictions. This necessitates Jersey based supervision managers
liaising on a regular basis with counterparts around the world.
The supervision of banks takes two forms; on-site and off-site. The
former involves visiting bank operations to assess the risks they face
and their effectiveness in managing those risks. There are three types
of such examinations:
Discovery – to improve our knowledge of an entity, or specific areas of
its operations.
Focussed – to examine areas that have been identified to be potentially
of concern.
Themed – industry-wide assessment of specific risks.
In addition to these, meetings are regularly held with entities to
discuss performance, plans and issues they face. Off-site supervision
involves remote (i.e. from the Commission’s offices) monitoring of risk
management and financial strength. Whilst this spans a whole host of
activities, some key aspects are:
Monitoring of quarterly prudential returns submitted by banks.
Assessment of annual financial accounts.
Confirmation of Large Exposures (loans that are in excess of 25% of a
bank’s capital base).
Overseeing resolution of customer complaints.
Working in the Banking Division provides regular exposure to activity in
other divisions because banks tend to have more than one type of
regulatory licence. This offers the chance to broaden knowledge and
makes for interesting and varied work.
The Banking division supplies statistics to the Bank of International
Settlements and the Bank of England. This provides the opportunity to
work with advanced reporting tools and statistics.
Activities covered provide a diverse range of issues to address day to
day. Key skill requirements are:
People interaction
Written and verbal communication
Practical analytical skills
Problem solving.
Text partially extracted from Jersey Financial Commission
http://www.jerseyfsc.org
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