ARTICLE · 21 NOVEMBER 1996
Popularity Of Administered Banks Remains Strong
(Update Issue Number 8 Autumn/Winter 1996)
The Dutch banking group ING, which became established in Guernsey following its take-over of Barings including Barings (Guernsey), has increased its local presence by adding to its existing operations a branch of ING Bank (Switzerland).
Coupled with the recent arrival of the Bank of Cyprus (Channel Islands), a subsidiary of the Bank of Cyprus, this brings the total number of administered banks in the Island to twenty two.
The policy of encouraging administered banks (which should not to be confused with 'brass plate' or 'cubicle' banks as found in some other jurisdictions) is continuing to prove successful. This is partly because the new arrivals are spared the expense and difficulty of finding their own premises and staff. Setting up as an administered bank and paying a management fee to another bank offers a much easier option. In addition, the large number of Guernsey banks which now specialise in managing administered banks
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