Increasing flexibility and use of Jersey Court sanctioned banking business transfers
Published: 1 Jul 2015
Article first published by Appleby in July 2015
The Banking Business (Jersey) Law 1991 (Banking Law) allows Jersey banking business (technically deposit taking business) to be transferred from one licensed bank to another by means of a court-sanctioned scheme.
When Standard Chartered consolidated its two Jersey banking entities (Standard Chartered (Jersey) Limited and Standard Chartered Bank, Jersey branch) into a single operating platform for its Jersey business in September 2013, it used the Banking Law in a novel way to effect the transfer of both its banking and investment business. The Royal Court of Jersey confirmed in Re Standard Chartered (Jersey) Limited  JRC172 its jurisdiction to transfer investment business alongside banking business under the scheme in appropriate cases.