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An Administered Bank is an operation that is licensed in its own name, conducts all its business in Guernsey and keeps its books and records on the Island. It may have its own Chief Executive resident in Guernsey but day-to-day administration is carried out on its behalf by another bank such as Butterfield Bank (the Administering bank) which will also supply office accommodation.

Advantages of the Administered Bank route



Administered banks do not have to recruit or manage staff or find and maintain premises;

The operation can be established quickly and is likely to be less expensive to establish and run;

The administered bank can draw on the wide-ranging experience of all the administrator’s staff;

It can choose an administering bank which best suits its own style.

Butterfield Bank's Experience in Guernsey



The Bank has considerable experience in the provision of Administered Banking services including the setting up of new bank operations, assisting with the preparation of business plans and the submission of the application for a banking licence to the Guernsey Financial Services Commission ("GFSC"). It also has experience of taking over the running of live banking operations from other administrators.

 

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