Tuesday, October 24, 2006

BVI FSC issued the 2nd Advisory Warning for 2006

It has already been mentioned that occasionally British Virgin Islands Financial Services Commission issues advisory warnings for the publics to protect them from scams, misunderstandings or wrongdoings. This year’s first FSC Advisor Warning issued on Curam Investment Management Limited and stating that this company is not licensed by the Financial Services Commission to provide management and/or administrative services to mutual funds under the Mutual Funds Act, 1996 (as amended) has already been described.

Recently Advisory Warning No. 2 of 2006 was issued. This time it concerns Jyske Bank BVI.

Robert A. Mathavious, Managing Director/CEO of the BVI Financial Services Commission informed the general public that Jyske Bank BVI is neither incorporated nor registered in the BVI. Also, it is not licensed to carry on banking business to carry on business in or from throughout the British Virgin Islands. Mr. Mathavious indicated that extreme caution should be applied when dealing with Jyske Bank BVI.

In the world of international banking currently the most popular Jyske Bank is Danish Jyske Bank. It has the following units outside Denmark:

  • Jyske Bank, London Branch,
  • Jyske Bank, Filiale Hamburg,
  • Jyske Bank (Schweiz),
  • Jyske Bank, Sucursal en EspaƱa,
  • Jyske Bank (Gibraltar) Ltd.,
  • Jyske Bank (France),
  • Berben's Effectenkantoor B.V.,
  • Jyske Bank (Poland)
and no business unit in the BVI.

If somebody has decided to drive his/her business by combining a reputable international bank’s name with perhaps the most popular offshore financial services jurisdiction, it seems more like a scam rather than a coincidence that the bank with the name Jyske Bank BVI has been registered in some other country.

Jyske Bank is an independent bank. By the end of 2005, it has been owned by more than 240 thousand shareholders. Now its total assets are above USD 23.5 billion. On May 2, 2006, Standard & Poor’s Rating Services assigned the following ratings to Jyske Bank – Long-term senior rating 'A', positive outlook, and shortterm rating 'A-1'.

To verify the status of any questionable entity claiming to be authorised to provide financial services in the BVI, the public is invited to contact the BVI Financial Services Commission.

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