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.




  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



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