List of largest offshore banks operating in Jersey:

Abbey International – offshore banking institution providing current account, deposit accounts and limited issue deposits with high interest rates and tax benefits;

ABN-AMRO Bank NV – banking and investment services to large customers;

Allied Irish Offshore – competitive rates;

Alpha Bank Jersey Limited – deposits with different liquidities in all major currencies, local and international payments and customer loans;

Ansbacher (Channel Islands) Limited – private multicurrency commercial banking for physical and legal persons;

Bank of Scotland International – offshore current accounts, online banking, savings deposits with high interest rates, investment opportunities, mortgages and financial planning;

Barclays Bank Finance Company (Jersey) Limited – traditional commercial and offshore banking in major currencies;

Brown Shipley Private Bank – private offshore banking, professional trustees and investment management;

Deutsche Bank Offshore – full set of offshore banking services;

Dexia Private Bank Jersey Limited – offshore banking, fund and investment management, trust services;

Gerrard Private Bank – offshore banking for large number of customers: physical persons, large and medium-sized companies, governmental agencies, etc;

Hill Samuel & Co. Limited – established in 1965 is United Kingdom’s one of the largest banking institutions;

HSBC Bank International Limited – current accounts, foreign currency bank cards (in major currencies), Online and telephone banking;

JPMorgan Chase Bank – wealth management;

Royal Bank of Scotland – £49 billion assets in 1995. Ranked 104th in the world;

SG Hambros – part of Société Générale Group with offices in 20 countries and supported in Société Générale Group network of 60 countries;

Standard Bank Offshore – Africa’s banking institution, part of Standard Bank Group;

Standard Chartered (Jersey) Limited – engaged in wholesale and retail commercial banking;

UBS AG Jersey – Switzerland’s largest bank;

Jersey is considered as one of the safest, secure and the developed offshore banking centers that has stable political and economic environment and also pursues effective regulatory/supervisory principles. Several large banking institutions conduct their operations in Jersey.

Jersey won excellent reputations based on three main factors:

• Stable economy;

• Balanced fiscal standing;

• Good contacts between Island authorities and members of financial sector;

Jersey’s offshore banking sector is supervised based on principles of Banking Business Law of 1991. There is large number of financial institutions operating in Jersey enjoying its stable economic environment. Since offshore banking sector is the main source of revenue for such jurisdictions as Jersey, this ensures the existence of effective regulatory and supervisory frameworks.

According to the Banking Business Act Jersey Financial Services Commission (FSC) supervises entire offshore banking sector. FSC is a statutory body, responsible to the States of Jersey, for the supervision of financial services including depositor, investor and policyholder protection. Before setting up an account with a particular bank, one should visit FSC web site to check whether that particular bank is under the supervision of FSC. If it is not, then he/she will not enjoy protection from Financial Services Commission.

It is noteworthy that Jersey Financial Services Commission does not provide depositor protection scheme like some other banking centers do; however this issue is under consideration. Currently FSC does not have any legal responsibility to ensure customer protection, however terms of the banking license require applicants to have controls for the protection of customer rights.

The procedure to open offshore bank account is nearly the same as for other tax jurisdictions. To open an account you will need filled out bank application form, notarized copies of the identification card and a document certifying your address.

Very few offshore banking centers can compete with Jersey and with its reputation. Financial institutions currently hold above £95 billion in assets with £129 billion on deposit and £32 billion under management. The island has no exchange controls.