Banking in Guernsey
Banking in Guernsey is central to our reputation as a leading international offshore finance centre.
Guernsey's mature banking sector is host to many branches and subsidiaries of international banks with head offices in the United Kingdom, Europe, the United States and elsewhere.
At the end of December 2016, there are 25 licensed banks in Guernsey with total deposits of £93.2bn.
The first bank to be established in the island was the Guernsey Savings Bank in 1822. Banking in Guernsey remained largely domestic for more than 150 years until a clutch of merchant banks established subsidiary operations in Guernsey to deliver the benefits of offshore banking to their international clients.
The island’s banking sector has grown in recent times and now provides an array of leading corporate and private banking services to financial services businesses, corporations, trusts and funds as well as individuals.
Today, banks in Guernsey provide a host of service offerings, from multi-currency deposit taking, foreign exchange, international payments and credit to investment management, depositary and custody supported by leading technology solutions which in turn fully complement the rest of the island’s financial services sector:
Depositor compensation scheme
The Guernsey Banking Deposit Compensation Scheme was introduced in 2008. In the event of the failure of a Guernsey bank, the Scheme guarantees of up to £50,000 per qualifying deposit, wherever the depositor may live.
For more information visit http://www.dcs.gg/.