Growth In Administered Banks Is Foreseen

Guernsey has the capacity and expertise to attract more administered banks, according to Ken Gregson, the recently elected new president of the Association of Guernsey Banks which has 64 members.

Mr Gregson, head of Barclays Bank in the Guernsey Bailiwick, believes the Island is now firmly perceived as a 'quality' international finance centre and, as such, will continue to expand.

He sees some of this expansion arising from a growth in the number of administered banks on the Island. These are banks whose back-office transactions are handled by another bank which has a stand-alone presence. Currently 20 of the Island's 74 banks are administered. They have been encouraged mainly because of their economical use of physical and human resources.