Overview of Banks in Guernsey

It has been said that Guernsey has become an international finance center only for one significant reason. It is because the banks in Guernsey have taken a key role in the development of Guernsey.

In 1963, the first bank was established in Guernsey. Twenty-four licensed banks have been founded and offer various services to their customers. From targeting the local customers to retain banking to attracting an expatriate market for huge deposits from high net-worth individuals.

From local banks to foreign banks, Guernsey has it all. Many financial institutionsFinancial InstitutionsFinancial institutions refer to those organizations which provide business services and products related to financial or monetary transactions to their clients. Some of these are banks, NBFCs, investment companies, brokerage firms, insurance companies and trust corporations. read more and banks also provide investment banking, foreign exchange services, fund administration, insurance, and fiduciary.

Structure of Banks in Guernsey

Guernsey’s banking sector is one of the evolving banking sectors in the world. The banks in Guernsey can be divided into two significant sectors: –

  • Corporate Banking Sector: The corporate banking sector benefits trading and holding companies. Companies that invest and help invest in the right assets/investments are also being facilitated by the corporate banking sector of Guernsey.

  • Private Banking Sector: Private bankingPrivate BankingPrivate banking refers to a type of banking and financial service offered by certain banks only to high-net-worth individuals (HNWIs). Clients opting for this service are individually assigned a financial representative who personally takes care of their banking needs.read more sector aims at high net-worth individuals from the UK and other foreign countries to collect huge deposits.

As per the last report in 2016, Guernsey’s banks had total assetsTotal AssetsTotal Assets is the sum of a company’s current and noncurrent assets. Total assets also equals to the sum of total liabilities and total shareholder funds. Total Assets = Liabilities + Shareholder Equityread more of $109 billion, comprising securities, advances, loans, investments, etc. On the other hand, the total liabilities of these banks were $154 billion.

Top 10 banks in Guernsey

As you already know, there are 24 licensed banks in Guernsey. We will look at the top 10 banks of Guernsey below: –

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#1. Royal Bank of Canada (Channel Islands) Limited:

Royal Bank of Canada (Channel Islands) Limited, the top bank in Guernsey, was established in 1973. Two authorities controlled this bank: The Guernsey Financial Services Commission in Guernsey and Jersey Financial Services Commission in Jersey. This bank can accept deposits because it was registered under the Banking Business (Jersey) Law, 1991, and under the Banking Supervision (Guernsey) Law, 1994. Again, it also serves in the investment business because it is registered under the Financial Services (Jersey) Law, 1998, and the Protection of Investors (Guernsey) Law, 1987.

#2. ABN AMRO:

ABN AMRO is one of the top banks of Guernsey. The total assets acquired by ABN AMRO in 2015 were €390.317 billion, and assets under management in 2014 were €183.7 billion. The profit as reported in 2015 was €1.924 billion. The operating income in the same year was €8.455 billion. ABN AMRO was founded in 1991, thirty-one years ago from now. It is headquartered in Amsterdam, Netherlands, but it has a great presence in Guernsey. Around 22,048 people work here.

#3. Bank J. Safra Sarasin Limited, Guernsey Branch:

Bank J. Safra Sarasin Limited, Guernsey Branch is the top bank with a branch in Guernsey. It is a privately held companyPrivately Held CompanyA privately held company refers to the separate legal entity registered with SEC having a limited number of outstanding share capital and shareowners. read more. It was founded in the mid-20th. Even though this bank is headquartered in Sao Paulo, Brazil, it has a great customer base in Guernsey. Around 30,000 employees work here. Joseph Safra has been serving as the chairman of the entire conglomerate. This bank also helps the customers in countries like the US, the Middle East, Europe, the Caribbean, Latin America, and Asia.

#4. Bank Julius Baer & Co. Ltd. Guernsey Branch:

Bank Julius Baer & Co. Ltd. Guernsey Branch is the top bank in Guernsey, part of Julius Baer Group. Around 5,390 people work in this group. The total assets of Julius Baer in 2013 were CHF 72.522 billion. The profitProfitProfit refers to the earnings that an individual or business takes home after all the costs are paid. In economics, the term is associated with monetary gains. read more in the same year was CHF 188 million. Revenue in the same year was quite staggering, i.e., CHF 2.195 billion. It was founded in 1890, around 132 years ago, and headquartered in Zurich, Switzerland. It serves as a great foreign bank in Guernsey.

#5. Bank of Cyprus (Channel Islands) Limited:

Bank of Cyprus (Channel Islands) Limited was founded in 1899, around 123 years ago. On Q.1, 2019, about 4,156 people worked here. The total assets acquired by the Bank of Cyprus in 2020 were €21.514 billion. In the same year, operating income Operating IncomeOperating Income, also known as EBIT or Recurring Profit, is an important yardstick of profit measurement and reflects the operating performance of the business. It doesn’t take into consideration non-operating gains or losses suffered by businesses, the impact of financial leverage, and tax factors. It is calculated as the difference between Gross Profit and Operating Expenses of the business.read more and revenue were €197 million and €765.11 million, respectively. It has headquarters in Strovolos, Nicosia, and Cyprus, but it also has a presence in the Channel Islands.

#6. Banque Cantonale Vaudoise, Guernsey Branch:

Banque Cantonale Vaudoise, Guernsey Branch is a Swiss cantonal bank with a branch in Guernsey. It was founded in 1845, almost 177 years ago. In Switzerland, this bank has 74 branches as of 2014. As per the report of 2018, 1,896 employees work in Banque cantonale vaudoise. In 2018, reported that the total assets of Banque Cantonale Vaudoise were CHF 47.8 billion. This bank is one of the 24 banks serving 26 cantons in Switzerland.

#7. Barclays Bank PLC, Guernsey Branch:

Barclays Bank PLC, Guernsey Branch was one of the oldest banks in the world. It was founded on 16th November 1690, almost 332 years ago. It is headquartered in London, United Kingdom. However, it has a branch in Guernsey. As per the last report in 2016, around 129,400 employees work here. The total assets in 2016 were 1.213 trillion pounds. In addition, the same year’s revenueRevenueRevenue is the amount of money that a business can earn in its normal course of business by selling its goods and services. In the case of the federal government, it refers to the total amount of income generated from taxes, which remains unfiltered from any deductions.read more and operating incomes were 21.451 billion and 3.230 billion pounds. Moreover, it provides retail bankingRetail BankingRetail banking or personal banking refers to the financial services offered by the financial institutions exclusively to the individual clients. The consumer banking provides personal loan, savings account, debit cards, credit cards, locker, etc.read more, commercial bankingCommercial BankingA commercial bank refers to a financial institution that provides various financial solutions to the individual customers or small business clients. It facilitates bank deposits, locker service, loans, checking accounts, and different financial products like savings accounts, bank overdrafts, and certificates of deposits.read more, investmentInvestmentInvestments are typically assets bought at present with the expectation of higher returns in the future. Its consumption is foregone now for benefits that investors can reap from it later.read more banking, and wealth management services.

#8. Butterfield Bank (Guernsey) Limited:

The official name of this bank is The Bank of N.T. Butterfield & Son Limited. This bank of Bermuda was founded in 1858, almost 164 years ago. Its headquarter is located in Hamilton, Bermuda. But it also has a branch in Guernsey. It serves many areas other than Bermuda like the Bahamas, Cayman Islands, Guernsey, Switzerland, and the United Kingdom. It is listed on the Bermuda Stock Exchange (BSX).

#9. Credit Suisse AG (Guernsey Branch):

Credit Suisse AG, Guernsey Branch serves its customers in Guernsey as a subsidiary of Credit Suisse AG. It was founded in 1986. The Credit Suisse AG, Guernsey Branch is located in St. Peter Port, Channel Islands. It provides mainly three kinds of services – general banking, private banking, and online banking. In addition, Credit Suisse AG, Guernsey Branch is considered a debtDebtDebt is the practice of borrowing a tangible item, primarily money by an individual, business, or government, from another person, financial institution, or state.read more issuing vehicle for Credit Suisse AG.

#10. Portman (Channel Islands) Ltd.:

Portman (Channel Islands) Ltd. is a subsidiary of the Portman Building Society. Before that, this bank was a subsidiary of Scarborough Building Society. As per the last report we got in 2016, the total assets acquired by this bank were 2,374.9 billion, and it reported a total income in the same year of $59,836 million. It offers mainly two services- mortgage bankingMortgage BankingA mortgage bank is a bank with a specialization in lending the money against the mortgage of any specific securities. They structure various loan products at a cheap rate or with better funding arrangements and involves various activities like loan origination, mortgage sale etc.read more and savings banking. So even if it serves a major area of the UK, it also benefits the Channel Islands and Guernsey customers.

We hope you liked this guide to an overview of the top 10 banks in Guernsey. We also discussed the structure and financial status of the top banks in Guernsey. If you are looking forward to making a career in banking, then you can check out some of the awesome resources: –

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