Banking In Guernsey
Banks have played a key role in the development of Guernsey as an international financial centre. The first merchant bank was established in Guernsey in 1963 and today there are 32 licensed banks in the island with deposits of around £87 billion. They represent a range of countries with concentrations of banks with head offices in the UK and Switzerland. Other banks are from for example Bahrain, Belgium, Bermuda, Canada, Cyprus, France, Germany, Netherlands and the USA.
27% of deposits are in sterling, and most banks offer foreign currency deposits. The most recent growth in the deposit base of Guernsey banks has been in foreign currency. In fact, about 52% of all deposits held by Guernsey banks are US dollar deposits and the euro makes up about 13% of deposits.
The range of services offered by banks in Guernsey is quite diverse. Some provide retail banking services essential to the local community. Others target the affluent expatriate market, primarily attracting their deposits. There are also banks offering "private banking" services attracting high net worth individuals who seek a total wealth management solution to their financial needs. Banks also support the other financial services businesses operating in Guernsey providing custody, foreign exchange and other banking services to the investment, fund administration, fiduciary and insurance sectors.
For more information about banking in Guernsey, please contact the Banking Division at the Commission.