Banks in the Channel Islands

Published

The Channel Islands are a group of islands situated in the English Channel between the Normandy coast and the south coast of England. Politically, the Channel Islands consist of two British Crown dependencies: the Bailiwick of Jersey and the Bailiwick of Guernsey. Although Jersey and Guernsey are administrated separately, these bailiwicks have a lot in common especially in the areas of economy, financial system, legislation and taxation.

Financial sector of the Channel Islands plays a crucial role in the islands economy being the main GDP contibutor and the main employer of the islands. Over the recent decades, banks have played a key role in the development of the Channel Islands as an international financial centre.The Channel Islands have attracted global banks offering a broad range of products and services to a diverse client base.

Banking Sector Structure

The number of banks operating in the Channel Islands continue to decline mainly due to the global consolidation process in the banking sector and its growing automation.

During 2012-2016, consolidated banking assets in Jersey declined almost two times, while those in Guernsey have been almost at the same level despite the decreasing number of banks.

Number of Banks in the Channel IslandsTotal Assets of Banks in the Channel Islands

All the banks operating in the Channel Islands are foreign-controlled: there are no banks with domestic capital, only branches and subsidiaries of foreign banks with the prevailing number of banks from the United Kingdom.

Number of Banks by Country of Origin in GuernseyNumber of Banks by Country of Origin in Jersey

Banks operating in the Channel Islands represent a very diverse landscape including global banking groups (for example, Deutsche Bank International Limited, The Royal Bank of Scotland International Limited), global private banks (Nedbank Private Wealth Limited, EFG Private Bank), retail and commercial banks (National Westminster Bank Plc,ABN AMRO), and specialized banks (Skipton International Limited).

Products and Services

Banks in the Channel Islands provide a broad variety of solutions in retail banking, wealth management, offshore banking, fund administaration, fiduciary services to a wide range of clients, including natural persons, SMEs, local and offshore corporates, fiduciaries, family offices and funds managers and administrators.

The banks operating in the Channel Islands are usually specialised in offersing one or more of the following solutions:

Guernsey

NameCountry of OriginEntity TypeBusiness FocusClients
 ABN AMRO (Guernsey) Limited NetherlandsSubsidiaryretail banking
wealth management
fiduciary services
international banking
private individuals
institutions
 Bank J. Safra Sarasin Limited, Guernsey Branch SwitzerlandBranchinvestment management
accepting deposits
banking institutions
institutional clients
 Bank Julius Baer & Co. Ltd, Guernsey Branch SwitzerlandBranchprivate banking
wealth management
private individuals
 Banque Cantonale Vaudoise Guernsey Branch SwitzerlandBranchfiduciary servicesprivate individuals
 Barclays Bank PLC, Guernsey Branch United KingdomBranchretail banking
private banking
corporate banking
local residents
companies
 BNP Paribas Securities Services S.C.A. Guernsey Branch FranceBranchsecurities servicesprivate individuals
corporates
institutions
 Butterfield Bank (Guernsey) Limited BermudaSubsidiarypersonal banking
fiduciary services
investment management service
custody services
trade execution services
administered banking service
international private clients
institutions
 Credit Suisse AG, Guernsey Branch SwitzerlandBranchprivate banking
asset management
investment banking
private individuals
corporations
governments
institutions
 Deutsche Bank International Limited - Guernsey Branch GermanyBranchwealth management
securities services
fund and trust services
private clients
institutions
financial intermediaries
 EFG Private Bank (Channel Islands) Limited United KingdomSubsidiaryprivate banking
asset management
fiduciary services
natural persons
 FirstRand Bank Limited, Guernsey Branch (new) South AfricaBranchretail bankingnatural persons
 HSBC Private Bank (C.I.) Limited United KingdomSubsidiaryprivate banking
wealth management
private individuals
families
intermediaries
trusts
 Investec Bank (Channel Islands) Limited United KingdomSubsidiaryretail banking
wealth management
treasury and securities services
natural persons
 Kleinwort Benson (Channel Islands) Limited United KingdomSubsidiaryprivate banking
wealth management
financial advisory
individuals
corporates
institutions
 Lloyds Bank International Limited - Guernsey Branch United KingdomBranchretail banking
private banking
corporate banking
international banking
local residents
local businesses
UK expatriates
 Northern Trust (Guernsey) Limited United StatesSubsidiarywealth management
fiduciary services
fund administration
private individuals
families
corporations
funds
 Rothschild Bank International Limited SwitzerlandSubsidiaryretail banking
private wealth management
high net worth individuals
 Royal Bank of Canada (Channel Islands) Limited CanadaSubsidiaryprivate banking
wealth management
private individuals
companies
 Royal Bank of Scotland International Limited - Guernsey Branch United KingdomBranchoffshore banking
personal banking
business banking
local residents
local businesses
UK residents
UK expats
 Schroders (C.I.) Limited United KingdomSubsidiaryretail banking
wealth management
high net worth individuals
 SG Hambros Bank (Channel Islands) Limited - Guernsey Branch FranceBranchprivate banking
wealth management
private individuals
 Skipton International Limited United KingdomSubsidiaryoffshore savings accounts
UK expat mortgages
individuals
businesses
trust companies
 

Jersey

NameCountry of OriginEntity TypeBusiness FocusClients
 Abu Dhabi Commercial Bank PJSC, Jersey Branch United Arab EmiratesBranchprivate bankingprivate individuals
 Barclays Bank plc, Jersey Branch United KingdomBranchretail banking
private banking
wealth management
corporate banking
fund and trust services
natural persons
SMEs
local corporates
offshore corporates
 BNP Paribas S.A., Jersey Branch FranceBranchwealth management
asset management
fund services
securities services
private individuals
corporates
institutions
 BNP Paribas Securities Services S.C.A., Jersey Branch FranceBranchsecurities servicesprivate individuals
corporates
institutions
 Citibank N.A., Jersey Branch United StatesBranchoffshore banking
wealth management
private individuals
corporates
 Deutsche Bank International Limited GermanySubsidiarywealth management
securities services
fund and trust services
private clients
institutions
financial intermediaries
 EFG Private Bank (Channel Islands) Limited, Jersey Branch United KingdomBranchprivate banking
asset management
fiduciary services
natural persons
 HSBC Bank International Limited United KingdomSubsidiaryretail banking
wealth management
expatriates
 Investec Bank (Channel Islands) Limited, Jersey Branch United KingdomBranchretail banking
wealth management
treasury and securities services
natural persons
 JPMorgan Chase Bank N.A., Jersey Branch United StatesBranchinvestment bankinginstitutional investors
 Lloyds Bank International Limited United KingdomSubsidiaryretail banking
private banking
corporate banking
international banking
local residents
local businesses
UK expatriates
 National Westminster Bank Plc United KingdomSubsidiaryoffshore banking
personal banking
business banking
local residents
local businesses
UK residents
UK expats
 Nedbank Private Wealth Limited, Jersey Branch South AfricaBranchprivate banking
wealth management
fiduciary services
private individuals
 Royal Bank of Canada (Channel Islands) Limited, Jersey Branch CanadaBranchprivate banking
wealth management
private individuals
companies
 Santander UK plc, Jersey Branch SpainBranchretail banking
corporate banking
local residents
UK expats
UK residents
local companies
 SG Hambros Bank (Channel Islands) Limited FranceSubsidiaryprivate banking
wealth management
private individuals
 Standard Bank Jersey Limited South AfricaSubsidiaryprivate banking
wealth management
corporate banking
fund services
natural persons
legal entities
 Standard Chartered Bank, Jersey Branch United KingdomBranchprivate banking
international banking
natural persons
 State Street Bank and Trust Company, Jersey Branch United StatesBranchinvestment servicing
banking and treasury services
institutional investors
 The Royal Bank of Scotland International Limited United KingdomSubsidiaryoffshore banking
personal banking
business banking
local residents
local businesses
UK residents
UK expats
 UBS AG, Jersey Branch SwitzerlandBranchprivate banking
wealth management
trust services
natural persons
financial intermediaries
 Union Bancaire Privée, UBP SA, Jersey Branch SwitzerlandBranchprivate banking
asset management
private clients
institutional clients
 

See Also

Economy and Banking Sector of Guernsey

List of Banks in Guernsey

Economy and Banking Sector of Jersey

List of Banks in Jersey

External Links

  1. Government of Guernsey
  2. Government of Jersey