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Banking

In the early 1960s when international travel became easier and increasing numbers of British citizens spent time working abroad, major banks began to open offices in Jersey to provide banking services for expatriates. This heralded the beginning of the offshore banking industry and Jersey has been at the forefront of its growth ever since.

Gradually as private client and related trust and estate planning work grew, the jursidiction's banks broadened their range of services to both personal and business customers and the industry flourished.

It led to many international banks from Continental Europe, North America, South Africa and the Gulf region opening offices alongside the existing British clearing and merchant banks.

The jursidiction's regulator, the Jersey Financial Services Commission, will only authorise the global top 500 banks to establish a presence in Jersey and this policy has ensured that only banks of the highest pedigree operate from the jursidiction. There are nearly 50 banks located in Jersey and they include nearly half of the top 25 banks in the world, by Tier 1 Capital.