Top Banks in Guernsey

Publication Date :

06 Feb, 2024

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Table Of Contents

Overview of Banks in Guernsey

Banks in Guernsey are the major reasons behind the island being called a major financial hub across the world. The island came up with its first merchant bank in 1963 and today, there more than 20 banks operating to serve different financial needs of 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 institutions and banks also provide investment banking, foreign exchange services, fund administration, insurance, and fiduciary.

Overview of Banks in Guernsey

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 banking 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 assets 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: -

#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 company. 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 profit 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 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 revenue and operating incomes were 21.451 billion and 3.230 billion pounds. Moreover, it provides retail banking, commercial banking, investment 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 debt 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 banking and savings banking. So even if it serves a major area of the UK, it also benefits the Channel Islands and Guernsey customers.