Established in 1980, Turks & Caicos Banking Company is a private offshore bank under Swiss management, specialized in investment banking and portfolio management. Turks and Caicos Banking Company is not directly engaged in the formation or management of offshore companies. However, the company provides advisory services on the formation or management of offshore companies and trusts.
Turks & Caicos Banking Company Ltd is the 4th largest bank in the Turks and Caicos Islands in terms of total assets. In 2017 its total assets were 76,39 mln USD, providing the bank with the market share of 8.53%. In 2017 the bank's annual profit was 1,12 mln USD.
There is no deposit guarantee scheme in the Turks and Caicos Islands: in the case of Turks & Caicos Banking Company Ltd failure its depositors will not get any compensation.
Turks & Caicos Banking Company Ltd is headquartered in Providenciales.
| Eligible Clients |
|---|
| natural persons and legal entities; both local and offshore |
| Services |
| investment banking portfolio management |
Turks & Caicos Banking Company Ltd provides products and services in the areas of investment banking, portfolio management. Turks & Caicos Banking Company Ltd makes its solutions available to natural persons and legal entities; both local and offshore.
| Total Assets (2017) |
|---|
| 76.39 mln USD (+8.72%) |
| Total Equity (2017) |
| 13.02 mln USD (+7.25%) |
In 2017 total assets of Turks & Caicos Banking Company Ltd were 76.39 mln USD. Growth compared to the previous period (2016) was 8.72%. The evolution of the total assets of Turks & Caicos Banking Company Ltd is shown at Chart 1 below.
Chart 1. Total Assets of Turks & Caicos Banking Company Ltd.
Recent changes in total assets of Turks & Caicos Banking Company Ltd and its main components are shown in Table 1.
| 2016 | 2017 | % change | |
|---|---|---|---|
| Cash and deposits with Central Banks | 25.9 | 31.1 | +19.97% |
| Investments | 26.4 | 20.1 | -23.65% |
| Loans | 14.5 | 21.8 | +50.22% |
| Total Assets | 70.3 | 76.4 | +8.72% |
| Table 1. Recent changes in total assets of Turks & Caicos Banking Company Ltd (mln USD). | |||
Recent changes in total liabilities of Turks & Caicos Banking Company Ltd and its main components are shown in Table 2.
| 2016 | 2017 | % change | |
|---|---|---|---|
| Amount owed to customers | 58.0 | 63.1 | +8.88% |
| Total Liabilities | 70.3 | 76.4 | +8.72% |
| Table 2. Recent changes in total liabilities of Turks & Caicos Banking Company Ltd (mln USD). | |||
| Annual Profit (2017) |
|---|
| 1.12 mln USD (+86.24%) |
Recent changes in gross profit of Turks & Caicos Banking Company Ltd and its main components are shown in Table 3.
| 2016 | 2017 | % change | |
|---|---|---|---|
| Interest Income | 1.5 | 1.9 | +25.64% |
| Interest Charges | -0.1 | -0.1 | +52.35% |
| Net Interest Income | 1.4 | 1.8 | +24.06% |
| Net Commission Income | 0.5 | 0.5 | -4.21% |
| Table 3. Recent changes in gross profit of Turks & Caicos Banking Company Ltd (mln USD). | |||
In 2017 annual profit of Turks & Caicos Banking Company Ltd was 1.12 mln USD. Growth compared to the previous period (2016) was 86.24%. The evolution of the annual profit of Turks & Caicos Banking Company Ltd is shown at Chart 2 below.
Chart 2. Annual Profit of Turks & Caicos Banking Company Ltd.
| Total Assets (2017) |
|---|
| 4th (market share 8.53%) |
In 2017 Turks & Caicos Banking Company Ltd was ranked the 4th largest bank in the Turks and Caicos Islands in terms of total assets, having 8.53% of the domestic market share.
Chart 3. Market share of Turks & Caicos Banking Company Ltd (among banks in the Turks and Caicos Islands)
Several banks having the market shares and ranks closest to Turks & Caicos Banking Company Ltd are shown below.
| Rank | Name | Total Assets | Market Share |
|---|---|---|---|
| 3 |  British Caribbean Bank Limited | 117.05 mln USD | 13.07% |
| 4 |  Turks & Caicos Banking Company Ltd | 76.39 mln USD | 8.53% |
| 5 |  Bordier Bank (TCI) Ltd | 66.45 mln USD | 7.42% |
| Deposit Guarantee |
|---|
| No |
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
There is no deposit guarantee scheme in the Turks and Caicos Islands.
In the case of Turks & Caicos Banking Company Ltd failure its depositors will not be paid out any compensation.
BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.
A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).
BIC of Turks & Caicos Banking Company Ltd and its components are shown in the table below.
| BIC | TCBCTCGP |
| Bank BIC Code | TCBC |
| Country Code | TC (Turks and Caicos Islands) |
| Location Code | GP |
| Branch Code | - |
