INTERNATIONAL BANKING AND FINANCE

GROUP PROJECT

OFF SHORE BANKING

GROUP-__ TYBBI K.J Somaiya.College Of Arts And Commerce

OFFSHORE BANKING
MEANING: An offshore bank is a bank or an investment institution located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:
• • • •

greater privacy (bank secrecy, a principle born with the 1934 Swiss Banking Act) low or no taxation (i.e. tax havens) easy access to deposits (at least in terms of regulation) protection against local political or financial instability

While the term originates from the Channel Islands being "offshore" from the United Kingdom, most offshore banks are located in island nations including Swiss banks and those of other landlocked nations such as Luxembourg and Andorra. Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, offshore banking does not prevent assets from being subject to personal income tax on interest. Except for certain persons who meet fairly complex requirements, the personal income tax of many countries makes no distinction between interest earned in local banks and those earned abroad. Persons subject to US income tax, for example, are required to declare on penalty of perjury, any offshore bank accounts— which may or may not be numbered bank accounts—they may have. Although offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does not make the non-declaration of the income by the tax-payer or the evasion of the tax on that income legal. Following September 11, 2001, there have been many calls for more regulation on international finance, in particular concerning offshore banks, tax havens, and clearing houses such as Clear stream, based in Luxembourg , being possible crossroads for major illegal money flows.

Defenders of offshore banking have criticised these attempts at regulation. suggesting that Organisation for Economic Co-operation and Development (OECD) countries are trying to stamp out competition. not by security and financial concerns. They cite the fact that offshore banking offers a competitive threat to the banking and taxation systems in developed countries. They claim the process is prompted. . but by the desire of domestic banks and tax agencies to access the money held in offshore accounts.

Jersey. Some offshore jurisdictions have steered their financial sectors away from offshore banking. custodian and trustee services. Each jurisdiction has a slightly different value proposition for international clientele and the benefits vary. undrwriting of eurocurrency bonds and over the counter trading in derivatives for risk management and speculative purposes. The names of the underlying officers. . In particular. although numerous other offshore jurisdictions also provide offshore banking to a greater or lesser degree. Guernsey and the Isle of Man are known for their well regulated banking infrastructure.OFFSHORE FINANCIAL CENTRES Offshore financial centres refer to the low tax and lightly regulated jurisdictions facilitating the formation of offshore companies. trutees or offshore companies. corporates. In terms of offshore banking centres. Forming offshore companies or incorporating offshore means you need to select a country. Here are just some of the general benefits of offshore company incorporation: • • • • • • Anonymity Asset Protection Lawsuit Protection Taxation (varies depending on your jurisdiction) Simplicity Financial Privacy Performing business and conducting banking transactions in the name of a legal entity provides significant privacy benefits. as difficult to properly regulate and liable to give rise to financial scandal. in terms of total deposits. • They would be exempted from cash reserve ratio and statutory liquidity ratio. directors and shareholders can be omitted from the offshore company's documentation in many jurisdictions. the global market is dominated by two key jurisdictions: Switzerland and the Cayman Islands. • The offshore banking units would operate balance sheet in foreign currency only.They also provide speacialised services including asset management. Characteristics • Offshore banking accounts can be opened only by non resident individuals. The main activity in which the offshore banking cetres engage is the eurocurrency loans. foreign exchnange.

it bears consideration to outline what the banking goals are and then choose the jurisdiction accordingly. but the informed investor or advisor will deem these as unsuitable for themselves or their clients. A small minority of the offshore jurisdictions do a poor job of managing and regulating their banking institutions. these poorly organized and run jurisdictions are often manipulated by illicit depositors and hence prove easy targets of the FATF (Financial Action Task Force) looking for money laundering or other criminal activity. sound regulations in place geared towards safeguarding the deposits and maintaining their confidentiality. .Though they all offer a comparatively confidential and secure environment. The majority of the offshore jurisdictions have prudent. Further.Where Should an Offshore Bank Account be Established? It is important that the proper jurisdiction be selected to use as an offshore banking jurisdiction.

pragmatic banking rules and regulations that eased the potential concerns of investors and depositors. offshore banks continue to keep their end of the bargain and continue to provide a safe. economic. The Euros were convinced and soon this service thrived. Africans. confidential keeping. Asians. confidential banking with practical regulations. and were most welcome for their stability and asset protection benefits. Soon the rest of the world was “in the know”. secure. with other small jurisdictions becoming savvy to this foreign capital-attracting status and they began to revamp their banking institutions. they were ripe for a solution. In the years since they have come into greater use and thus more visible. They know that these banks can safeguard their funds from the perils of civil. confidential haven for those seeking to safeguard their assets and funds from the perils of undue regulation and taxation. and began to look at these havens as viable solutions to their needs. haven jurisdiction that offered safe. secure. Unlike their banks at home. . offshore banking accounts have been unfairly portrayed by the media and by the larger jurisdictions as the stomping grounds of the criminal underground-a veritable haven for their illicitly-obtained assets and funds. island nation state known as the Channel Islands convinced these frustrated depositors that deposits placed in its banks could be free from scrutiny and hence the heavy-handed taxation burden. This was as true on the British Isles as it was on the continent. And soon the term “Offshore banking” became synonymous with any smaller. Faced with the prospect of watching their hard earned assets and wealth diminish with every out-reach of the tax collector’s hand. etc. adopting sound. Investors know that offshore banks can be remarkably effective havens for assets and funds in need of safe. or the locales for their money-laundering schemes. Americans.. found these Offshore bank accounts quite useful for a myriad of reasons. these Offshore banks were not regularly subjected to political turmoil or economic strife. And a solution came the small. or political strife in their home countries. Today.HISTORY OF OFFSHORE BANK ACCOUNTS It is an unfortunate fact that Europeans have always been subjected to relatively heavy tax burdens.

which may have specific tax advantages for some individuals. and can help redistribute world finance from the developed to the developing world. along with tourism. seized or disappear.ADVANTAGES OF OFFSHORE BANKING • • • • • • • Offshore banks can sometimes provide access to politically and economically stable jurisdictions. higher or lower rate loans based on risk and investment opportunities not available elsewhere. however. Critics of the industry. such as offshore companies. DISADVANTAGES OF OFFSHORE BANKING . Offshore banking is often linked to other structures. Many advocates of offshore banking also assert that the creation of tax and banking competition is an advantage of the industry. Offshore finance is one of the few industries. reducing interest rates on deposits. or who do not pay tax until the tax return is agreed. This is an advantage to individuals who do not pay tax on worldwide income. Some offshore banks offer banking services that may not be available from domestic banks such as anonymous bank accounts. Some offshore banks may operate with a lower cost base and can provide higher interest rates than the legal rate in the home country due to lower overheads and a lack of government intervention. or who feel that they can illegally evade tax by hiding the interest income. who fear their assets may be frozen. trusts or foundations. It can help developing countries source investment and create growth in their economies. claim this competition as a disadvantage. Advocates of offshore banking often characterise government regulation as a form of tax on domestic banks. This will be an advantage for residents in areas where there is risk of political turmoil. in which geographically remote island nations can competitively engage. arguing with Charles Tiebout that tax competition allows people to choose an appropriate balance of services and taxes. Interest is generally paid by offshore banks without tax being deducted. arguing that it encourages a "race to the bottom" in which governments in developed countries are pressured to deregulate their own banking systems in an attempt to prevent the off shoring of capital.

through laundering.• Offshore banking has been associated in the past with the underground economy and organized crime. along with clearing houses. offshore banks and tax havens. simple savings accounts can be opened by anyone and maintained with scale fees equivalent to their onshore counterparts. and other state or non-state actors. as previously sheltered income is brought back into the mainstream economy. 2001. Yet in a world with global telecommunications this is rarely a problem for customers. • • • BANKING SERVICES . tax cuts have tended to result in a higher proportion of the tax take being paid by high-income groups. Offshore private banking is usually more accessible to those on higher incomes. because of the costs of establishing and maintaining offshore accounts. However. Offshore bank accounts are sometimes touted as the solution to every legal. so physical access and access to information can be difficult. have been accused of helping various organized crime gangs. The tax burden in developed countries thus falls disproportionately on middle-income groups. Offshore jurisdictions are often remote. Accounts can be set up online. financial and asset protection strategy but this is often much more exaggerated than the reality. Historically. by phone or by mail. terrorist groups. offshore banking is a legitimate financial exercise undertaken by many expatriate and international workers. Following September 11. However.

so you know what interest your offshore savings will earn. • • • • Fixed interest rates . Our 2 year Fixed Rate Web Saver account gives you a rate of 3. Retail services tend to be low cost and undifferentiated.save over a term that suits you from 6 months1 year.a.50% gross p. including: • • • • • • • • • Multi currency deposit taking Long term and short/medium term credit facilities. whereas private banking services tend to bring a personalised suite of services to the client. external commercial borrowings and loan syndication. However if you do need emergency access to your money you can .and electronic funds transfers foreign exchange letters of credit and trade finance investment management and investment custody fund management trustee services corporate administration Not every bank provides each service. No withdrawals or additional deposits. FOR EXAMPLE: Halifax International Fixed Rate Web Saver account Do you want to know exactly what interest your savings will earn and don't need access to your savings? Halifax International Fixed Rate Web Saver Account offers you a guaranteed rate so you know exactly what interest you'll earn and when.a. Choice . Banks tend to polarise between retail services and private banking services. wire. 2 year or 3 years.It is possible to obtain the full spectrum of financial services from offshore banks. and our 3 year Fixed Rate Web Saver account gives you a rate of 4.after account opening.00% gross p.

The rate on your Fixed Rate Web Saver Account is not fixed until the receipt of your deposit. This is subject to a minimum of 30 days' interest.000. your savings and interest will be transferred into your Sterling Variable Rate Web Saver Account which will be opened at the same time as your Fixed Rate Web Saver Account. Please note….• • • • close your account after 6 months. If you're planning on funding your account later. interest rates may have changed by the time your opening deposit is received. The Halifax International Fixed Rate Web Saver Account is only available in Sterling. A choice of using online or telephone banking to manage your offshore savings account. Other information: • • • Halifax participates in the Isle of Man deposit compensation scheme Interest is paid gross of tax subject to the provisions of the European Union Savings Tax Directive. We'll simply charge an amount equivalent to 6 days' interest (calculated at the same rate at which interest is paid on your account) for each remaining month or part month of investment term you chose. The maximum balance is £1 million. Fixed Rate Web Saver . When your fixed term ends. Interest rates are fixed on receipt of your opening deposit. Minimum opening balance is £1. Please check with us by phone or online to find out the correct interest rate for your account.

Statistics concerning offshore banking .86% *Gross .05% 1.85% Annual Gross* AER** 4.000 1 year £1. Sterling savings account maintained in the Isle of Man office of Bank of Scotland International Limited.05% 1.Effective 6th July 2009. Indication purposes.000 6 months £1. Please note that you must declare any interest earned to the income tax authorities in your country of residence.the contractual rate of interest paid without the deduction of tax at the rate specified by law.00% 3.000 2 years £1. Term and minimum balance 3 years £1. **AER . 4.000 Annual Gross* p.50% 2.a.00% 3.50% 2.Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.

Add the proceeds of tax evasion and the figure skyrockets to $1 trillion. and corruption" commented Lucy Komisar quoting these statistics. According to Merrill Lynch and Gemini Consulting's “World Wealth Report” for 2000. more than the total income of the world's poorest 20%. underground network of crime.2% of the world's population and hold 26% of the world's wealth. one third of the wealth of the world's “high net-worth individuals”—nearly $6 trillion out of $17. Some $3 trillion is in deposits in tax haven banks and the rest is in securities held by international business companies (IBCs) and trusts. fraud. Tax havens have 1.Offshore banking is an important part of the international financial system. "These offshore centres awash in money are the hub of a colossal. The IMF has said that between $600 billion and $1. Swiss banks hold an estimated 35% of the world's private and institutional funds (or 3 trillion Swiss francs). Experts believe that as much as half the world's capital flows through offshore centres. offshore is where most of the world's drug money is allegedly laundered. including 31% of the net profits of United States multinationals. and the Cayman Islands (1. equal to 2% to 5% of global economic output. Today.5 trillion—may now be held offshore.[1] Among offshore banks.5 trillion of illicit money is laundered annually.9 trillion US dollars in deposits) are the fifth largest banking centre globally in terms of deposits. estimated at up to $500 billion a year. Another few hundred billion come from fraud and corruption. REGULATION OF OFFSHORE BANKS .

Similar measures have been introduced in some other countries. especially following September 11.In the 21st century. to report suspicion of money laundering to the local police authority. which mean that the names of the recipients of US-source investment income are passed to the IRS. • • • . so that tax information is able to be shared in respect of interest. where it is believed that the bank holds assets for a suspected criminal. There is more international co-operation between police authorities. by good faith. In the US the Internal Revenue Service (IRS) introduced Qualifying Intermediary requirements. such as the UK Offshore Islands. Following 9/11 the US introduced the USA PATRIOT Act. which authorises the US authorities to seize the assets of a bank. The quality of the regulation is monitored by supra-national bodies such as the International Monetary Fund (IMF). regulation of offshore banking is allegedly improving. and enforced this in respect of certain controlled centres. although critics such as the Association for the Taxation of Financial Transactions for the Aid of Citizens (ATTAC) nongovernmental organization (NGO) maintain that they have been insufficient. Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business. The European Union has introduced sharing of information between certain jurisdictions. although critics maintain it remains largely insufficient. regardless of banking secrecy rules. 2001. there have been a number of initiatives to increase the transparency of offshore banking. Since the late 1990s. A few examples of these are: • The tightening of anti-money laundering regulations in many countries including most popular offshore banking locations means that bankers are required.

a lot of them have tightened up their regulation.” . mobster Meyer Lansky had done this to launder his casino money. Banking Correspondent of The Economist “In the past. Changes in offshore banking regulation in the 1990s in the form of "due diligence" (a legal construct) make offshore bank creation really only possible for medium to large multinational corporations that may be family owned or run. investigating on the Clear stream scandal: "You ask why. if there's an important role for a regulated banking system. They only exist because they engage in transactions with standard banks.com A discussion with Joanne Ramos. the major G7 banks will not deal with offshore bank centres that don't comply with G7 banks regulations. told to reporter Lucy Komisar. But in recent years. It's not an accident. 2001 Nobel laureate for economics and former World Bank Chief Economist. OFFSHORE FINANCE Author interview Feb 22nd 2007 From Economist. these banks could not exist. because of international pressure spearheaded by organisations like the IMF and the OECD. it could have been shut down at any time. the UK . If you said the US . So the smaller tax havens that are well regulated are good for the financial system because they add financial and tax competition.Joseph Stieglitz. a lot of offshore financial centres let in a lot of good money as well as bad money." In the 1970s through the 1990s it was possible to own your own personal offshore bank. do you allow a non-regulated banking system to continue? It's in the interest of some of the moneyed interests to allow this to occur.

ABOUT COMPANY The UK's No. Great for British expats around the world who want to save their money with a UK bank they know and trust. the same banking group as Halifax. Customers can access their money online with phone support available from our expert teams in Jersey and Isle of Man. We offer the same exceptional service.plus the benefits of offshore savings that are not always available in the United Kingdom.CASE STUDY 1: HALIFAX INTERNATIONAL Halifax International offers savers the ability to hold money in an account outside the UK. You can choose to save in two ways .. with the added benefit of offshore savings.1 savings provider. security and attractive rates that you'd expect from Halifax . Customers can expect an exceptional service. because we know that's what you want. With three fantastic products it really is offshore savings made simple.it make saving offshore simple.Halifax International is part of HBOS..with our Halifax International Web Saver. the UK's No. .Offshore Savings with Halifax International. Regular Saver accounts and Fixed Rate Web Saver each of which offers its own distinct benefits. Saving offshore is easy with Halifax International It offer all the services you'd expect from saving offshore and a little bit extra .1 savings provider. security and attractive rates that you’d expect from Halifax.1 for savings brings you offshore savings with Halifax International Halifax International is part of the same banking group as Halifax. the UK’s No.

You can access your money online. Regular Saver account and Fixed Rate Web Saver. Our Regular Saver account also gives you extra if you want to use several accounts to fund your account. Fixed Rate Web Saver If you want to be certain of the exact return your savings are earning our Fixed Rate Web Saver is the right account for you. US Dollars or Euros. So you don't need a calculator to work out what a withdrawal will cost you .unlike some other banks.000. It gives you a great rate fixed for a year so you know exactly how much you'll get back on your account and when. and we also have a phone team in Jersey and Isle of Man for you to speak to about your account.000 per month and watch you nest egg grow. you can as long as the total deposits per month does not exceed £2. . ABOUT ACCOUNTS We make savings simple by offering three great accounts .Halifax International Web Saver. You can save in Sterling. and no hidden catches. Regular Saver account This Sterling account is perfect if you want to save regularly and put away between £100 and £2. Halifax International Web Saver account This is ideal for everyday saving and its tiered rates reward you with more interest the more you save.it make managing your offshore savings with Halifax International easy too. Each account offers what you'd expect from an offshore account and a little bit extra.so you know how much you'll get back on your account and when. Our Halifax International Web Saver account also gives you extra as you can transfer money in and out of your account whenever you like with no loss of interest. You can find out more here. We're expats ourselves .so you'll be talking to people who know offshore savings inside out. You can choose a fixed period from 6 months up to 3 years .

• Our 2 year Fixed Rate Web Saver account gives you a rate of 3. • The Halifax International Fixed Rate Web Saver Account is only available in Sterling. Fixed intrest rate web saver a/c: Halifax International Fixed Rate Web Saver Account offers you a guaranteed rate so you know exactly what interest you'll earn and when. This is subject to a minimum of 30 days' interest.PRODUCT OFFERED BY HALIFAX: 1. However if you do need emergency access to your money you can close your account after 6 months.save over a term that suits you from 6 months1 year.50% gross p. • When your fixed term ends.a. . • A choice of using online or telephone banking to manage your offshore savings account. Fixed interest rates . 2 year or 3 years. and our 3 year Fixed Rate Web Saver account gives you a rate of 4.after account opening.so you know what interest your offshore savings will earn.000.a. • Minimum opening balance is £1. your savings and interest will be transferred into your Sterling Variable Rate Web Saver Account which will be opened at the same time as your Fixed Rate Web Saver Account. • 2. • Choice . We'll simply charge an amount equivalent to 6 days' interest (calculated at the same rate at which interest is paid on your account) for each remaining month or part month of investment term you chose. • No withdrawals or additional deposits.variable rate web saver: • Flexible access -transfer money in and out whenever you want. The maximum balance is £1 million.00% gross p.

000 or €1.000.000. • Open with £1. • . • Earn interest of 1. • 3.40% AER/gross pa on Sterling balances over £25. • Pays a great tiered variable rate.000. fixed for just 1 year. • Available in Sterling.50% gross p. • No withdrawals or additional deposits allowed.a.000. • Simple standing order savings of between £100 and £2. • Open with £1. • Online and telephone banking. $1.000 or €1.000.a. • 5. • Available in Sterling.a. 2 years or 3 years. 1 year. US Dollars or Euro. • Minimum opening balance £1. • Earn 3. US Dollars or Euro.000. • Earn interest of 1.00% gross p.Pays a great tiered variable rate.000. • Pays a great rate of 4% AER/gross p. $1.40% AER/gross pa on Sterling balances over £25.6 months.fixed for 3 years. • Online and telephone banking.Guarantee return: A Sterling fixed rate account paying a guranteed return on your savings Choice of terms .fixed for 2 years or 4.000 per month for 12 months • 4. Easy online access: Flexible access -transfer money in and out whenever you want. monthly regular saving: Regular monthly savings account.

Savers hit hard by the recent decline in interest rates Many savers who have previously earned more than their individual tax allowances may have seen their income drop below the tax threshold as a result of interest rate cuts and the increase in tax allowances .Press Release Embargoed until: 00:01 18.537 pa If the pensioner in the example earned £4.490 pa • Basic State pension is £95. As savings providers have to deduct 20 per cent tax at the source unless the customer is registered to receive interest gross.25 per week (2009/10) = £4. enabling them to receive their interest without tax taken off. reducing their monthly income by £75. Following analysis of its savings customer book. If more tax is deducted than they have to pay. have been hit hard by the recent decline in interest rates.953 pa • Interest and other income that can be paid before being taxed = £4. a repayment of tax can be claimed directly from HMRC.07. which show that only a third (33%) of savers over 65 are registered to receive gross interest. This illustrates that many pensioners may be missing out on the use of up to 20 per cent of their interest. savers who do not earn above this limit must complete an HMRC R85 declaration. Savers must pay tax on any savings income unless their total earnings for the tax year are less than their annual tax-free income limit. the UK's largest savings provider. Halifax. has released new figures for the first time.09 Too many savers pay unnecessary tax! Savers.500 in savings income and did not complete an R85 declaration they would pay £900 in unnecessary tax. Pensioners could be losing £75 a month in excess tax An Example: A 70 year old saver who is in receipt of a state pension: • Personal allowance (2009/10) for 65-74 year olds = £9. who rely on the interest they receive on their savings deposits for a significant proportion of their income.

head of Halifax Savings products. just pop into one of our branches or call our savings helpline for more information. Halifax makes it even easier to register by accepting registration verbally and confirming this declaration in writing to the customer.000 in a typical savings account would have seen their annual interest fall from £7.77% in April 2009.475. Tax on savings Total individuals' income tax liabilities on savings (before allowances given as income tax reductions) are .750 to £1. Halifax makes it easy to register. Customers who are unsure what changes in tax allowances mean for them are always welcome to visit us in branch for a saving and investments review.925. People who are non tax payers can ask their bank or building society to pay their interest without tax taken off. Notes to Editors 1Average amount paid to households with an interest bearing sight (i. said: "Savers who rely on their savings to supplement their pension may have selected the right product for their needs but could be paying unnecessary tax.at the start of the new tax year on 6th April. This decline in interest rates has reduced annual interest income by an average of 75%. Just call into a branch or call 0845 601 8150 for more information." Registering is easy with Halifax For those who should be receiving gross interest. Halifax urges all savers. according to the latest Bank of England figures. the average deposit rate1 has fallen from 3. taking income well below the basic level of personal allowance for those under 65 of £6. particularly pensioners. to review their income and ensure they register for gross interest if they are eligible. Halifax is part of the Lloyds Banking Group Flavia Palacios Umana. For example. instant access) account.e.10% in August 2008 to 0. A saver with £250.

significantly further in 2009-10. Call to action Savers who wish to check whether they are entitled to receive their interest without tax deducted can visit the HMRC website and use their online calculator. The bank then confirms it in writing to the customer. Further information on this process and the required forms can also be found on the HMRC website**.478 million in 2007-08 to £5. Savers who believe they may have paid too much tax on their interest have up to five years after the end of the tax year in which the overpayment was made to reclaim it. the R85 form can be downloaded from the HMRC website and submitted to their Bank or Building Society.540 million in 2008-09 (Source: HMRC.projected to have fallen from £8. and therefore tax liabilities. Very low interest rates are expected to reduce savings income.* For savers who are eligible. . Some banks and building societies have systems that allow this declaration to be given verbally. January 2009).

Every client is important and receives individual attention from their personal accounts manager. submit your application and you're well on your way to hassle free banking. Explore our website to find more about our products and services. Griffon Bank Limited offers a wide variety of services to satisfy your most demanding international banking needs. Dominica is an independent English speaking country located between the French islands of Guadeloupe and Martinique. Griffon Bank Limited was established and licensed in 1997 under Offshore Banking Act 1996. Our international staff from multicultural backgrounds is here to assist you every step of the way towards financial liberty through modern offshore banking. West Indies.CASE STUDY 2: About Griffon Bank Private Banking with the personal Touch Griffon Bank Limited is a private offshore bank chartered in the Commonwealth of Dominica. . We provide banking services to our customers worldwide in a protected environment supervised by the Government of Dominica and Eastern Caribbean Central Bank.

Dmitrijus Apockinas. In May 2004 Griffon Bank Limited has moved its offices into the most modern office building in Dominica . Griffon Bank Limited is currently undergoing major development of its operations in order to improve and expand our services and become prime offshore bank conveniently located in the secure regulated jurisdiction. English. modern fire alarm and security systems and is occupied as well by the Prime-Minister and Ministry of Finance of the Government of Dominica. This building is equipped with standby generator facility. backup high bandwidth Internet line. Management Board of Directors of Griffon Bank Limited is the highest managing authority of the bank which is also acts as the Investment Committee.History Griffon Bank Limited was established in the Commonwealth of Dominica in 1997 by the group of businessman under the Offshore Banking Act 1996. In 2001 after receiving the approval by the Government of Dominica Griffon Bank Limited was taken over by the new shareholder and new Board of Directors have been elected. All new and major investment decisions of the Bank are approved by the Board of Directors. In January 2002 Griffon Bank Limited has successfully launched state-ofthe-art secure Internet Banking services which proved to be reliable and user friendly up to date. In March 2002 Griffon Bank Limited has launched it's website French. BA (hons.banker with extensive knowledge of offshore business. cellular communication provider Orange and other prime organizations and companies. OECS. In the same year bank received the Class A (unrestricted) bank license. • Mr. Spanish and Mandarin.).the Financial Center. municipal infrastructure . MBA . representative office of the Eastern Caribbean Central Bank.

financial institutions like Mutual Fund division of BBVA (Cayman).banker with solid experience working with audit companies. Details of wire instructions are also available to our customers. Mr.• development and financial analysis is the Chief Executive Officer of Griffon Bank Limited since 2001. banks. Leonard Bedneau. CGA . Country United States of America Germany Austria Belgium Spain Italy Finland Switzerland Denmark Sweden Japan United Kingdom Canada Norway Australia Israel Kuwait Czech Republic Poland Latvia Estonia Russian Federation Belorussia Ukraine Kazakhstan Moldova Currency Dollar Euro Euro Euro Euro Euro Euro Swiss Franc Danish Kroner Swedish Kroner Japanese Yen Sterling Canadian Dollar Norwegian Kroner Australian Dollar New Shekels Kuwaitian Dinars Czech Koruny Poland Zlotych Latvian Lat Estonian Kroon Russian Ruble Bealrus Ruble Ukraine Hryvnia Kazakhstan Tenge Moldovian Leu Symbol USD EUR EUR EUR EUR EUR EUR CHF DKK SEK JPY GBP CAD NOK AUD ILS KD CZK PLZ LAT EEK RUB BYR UAH KZT MDL . Correspondent Banks Griffon Bank has correspondent account for many currencies (other correspondent accounts may be available). have been appointed as the Chief Financial Officer of Griffon Bank Limited in 2004.

West Indies. Commonwealth of Dominica.O.com New accounts: accounts@griffonbank. Roseau. West Indies. Box 1324.com Payment cards: cards@griffonbank. Commonwealth of Dominica. Roseau.com Technical support: support@griffonbank. Postal address P. Telephones • • • +1 767 449 9254 +1 767 449 2518 +1 767 440 3724 E-mail • • • • General inquiries: info@griffonbank.Contact Details Bank Office Financial Center.com Products and Services Griffon Bank Limited provides these products and services: • • • • 24/7 Internet Banking Personal and Corporate multicurrency Current Accounts Savings Accounts Offshore Company Incorporation .

Two hundred children were chosen to receive presents for this event. specifically between the ages of 2 years to 6 years. Please read the following security recommendations from Griffon Bank to safeguard your PC and your online banking. They will help you to protect your personal information when you are on online. GRIFFON BANK IN NEWS Griffon Bank hosts Christmas Charity event and extends it's personal touch to the wider community December 17.• • • Term Deposits Payment Cards Currency Exchange All our services are offered to current account holders only. but it also brings new risks that must be guarded against.000. Security The growth of the Internet has offered great flexibility for us all. 2008 On 13 December 2008. from kindergarten to junior primary. please complete the current account application form and submit it to the bank and a member of staff will guide you through the account opening process and respond to any queries you may have. Griffon Bank hosted its 5th annual Children's Christmas party in the Carib territory. Griffon Bank donates XCD10. At Griffon Bank we use industry standard security technology and practices to safeguard your account from any unauthorized access. . 2009 Griffon Bank Limited. so if you wish to use our banking facilities.00 to PSFH January 15. has again affirmed its commitment to the improvement of the health care system in Dominica with the donation of their third annual contribution to the Private Sector Foundation for Health (PSFH).

TERM DEPOSITS Current Account holders may open a term deposit in USD. 2009 Griffon Bank Limited is happy to introduce a new credit card for its valuable clients. interest earned will be credited to the Client's Current Account. Griffon Bank will automatically renew the deposit for the same maturity as of the original deposit.Dominica Carnival 2009 February 20. At maturity. On the day following maturity and in the absence of client's instructions to terminate the deposit. It is an unembossed nameless MasterCard credit card for the electronic use only which can be issued immediately. SuperCard . EUR or GBP with Griffon Bank. and are fulfilled on the banking day following their receipt. . 2009 Dominica's Carnival. held at the traditional pre-lenten time. Deposit orders are accepted through the Internet Bank. Carnival 2009 Dates are February 23rd & 24th. Carnival is formally opened about a month before the two final days of jump-up.new credit card for those who can not wait! May 7. is a feast of calypso. shows and two exciting days of street jump-up. Interest accrues from the day of the deposit account credit entry.

a.70 3.000 Maturity 12 months 12 months 12 months 24 months 24 months 24 months Interest rate % p.00 Interest rate % p.000 50.70 3. USD 4.00 Interest rate % p.000 10.25 4.Interest Rates of Term Deposits Minimum Amount 10.50 4.80 .000 100.000 100.75 3.75 4.a. EUR 4.65 3.a.50 4.75 5.75 4. GBP 3.75 5.50 4.000 50.50 4.75 3.25 4.

Sign up to vote on this title
UsefulNot useful