Capital Security Bank is pleased to announce that the banking regulator of the Cook Islands has awarded the bank a full domestic banking licence to complement the bank's current offshore licence. In the coming months, Capital Security Bank will expand its presence in the Cook Islands to offer private banking services to Cook Islands residents and businesses.
Rarotonga, Cook Islands (PRWEB) August 9, 2009 -- At least one of the country's offshore banks will be spared the axe created by the Banking Amendment Bill which awaits its final reading in Parliament. Capital Security Bank was this week granted a licence to carry on domestic banking business within the Cook Islands, marking the first time in several years that a bank has succeeded in obtaining a domestic licence in the Cook Islands. Upon passage of the Banking Amendment Bill, offshore banks which do not have a domestic licence will be required to cease operations in the Cook Islands.
Scott Howley, Manager of Private Banking for Capital Security Bank, said the bank was "delighted and relieved" to receive the approval of the Financial Supervisory Commission. He added that the approval was granted only five days after the United Nations Office on Drugs and Crimes published an article headed, "Cook Islands Praised for Money Laundering Fight," and simultaneous with the establishment of the Financial Services Development Authority to promote the Cook Islands offshore industry.
Capital Security Bank currently provides a full suite of private banking services to its international clientele, including savings and investment accounts as well as foreign exchange services. "By offering a high level of service and a prudential approach to banking, CSB clients enjoy a distinct advantage over conventional banks," observed Mr. Howley. "As the reputation of the Cook Islands as a well-regulated jurisdiction improves, the value of any licence granted is enhanced and warrants that Cook Islanders enjoy world class banking services here in Rarotonga."
Mr. Howley regards the domestic license as one step toward the expansion of Capital Security Bank into other markets. "In the coming years, we hope to expand the bank to other jurisdictions that can enhance the diversity of our services, particularly New Zealand and Switzerland," he commented. "Procuring the domestic banking license here in the Cook Islands is a critical step toward expansion."
Over the course of the coming months, Capital Security Bank will be making its banking services available to Cook Islands residents and local businesses. "Initially, CSB will be conservative in its approach to the domestic market," explained Mr. Howley. "We have to date been a 'no risk' bank and our approach will be cautious. Nonetheless, the community can expect the bank to feature more prominently in the near future."
Capital Security Bank Limited is a fully-licenced bank based in the Cook Islands, serving both domestic and international clients. For more information, please contact a CSB private banking representative at +682 22-505 or visit www.capitalsecuritybank.com. Further information about banking supervision and regulation in the Cook Islands can be located at www.fsc.gov.ck.
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