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ARTICLE · 30 JANUARY 2014

Jersey Court-Sanctioned Banking Business

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Standard Chartered consolidated its two Jersey banking entities into a single operating platform for its Jersey business in September 2013.

JerseyWealth Management
Wendy Benjamin
Wendy Benjamin
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Standard Chartered consolidated its two Jersey banking entities (Standard Chartered (Jersey) Limited and Standard Chartered Bank, Jersey branch) into a single operating platform for its Jersey business in September 2013.

The transaction was ground-breaking in its use of the Banking Business (Jersey) Law 1991 (Banking Law) which allows Jersey banking business (technically deposit-taking business), to be transferred from one bank to another by means of a court-sanctioned scheme.

The Royal Court of Jersey confirmed in Re Standard Chartered (Jersey) Limited [2013] JRC172 its jurisdiction to transfer investment business alongside banking business under the scheme in appropriate cases, despite the lack of clear permissive wording in the Banking Law. Transfers under the Banking Law are meant to be relatively quick and cost-effective – perhaps involving about half the time and cost of a private law which used to be the preferred method of effecting banking transfers in

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