The Central Bank favours applications by existing foreign incorporated banks for the establishment of branches, as opposed to locally incorporated banking subsidiaries or associated companies. Applicants are expected to enjoy a good reputation internationally and have an established track record of growth and profitable operations.
International Banking Units (IBUs) are required to operate as fully staffed units and not merely as "brass plate" or "managed bank" entities. They also have to pay an annual fee of USD15.000 to the Central Bank as reimbursement of the latter's cost of supervision. International banking licences are subject to certain conditions which depend on a number of factors, including the IBU's legal form (ie branch or subsidiary) and the applicant bank's financial standing and international reputation. In the case of branches there is no assigned capital requirement whereas for locally incorporated IBUs the Central Bank would, as a rough guide, expect a minimum
