Barclays Private Bank and Trust -v- Barclays Private Clients Int [2014] JRC 117 (27 May 2014)

Barclays Private Bank and Trust -v- Barclays Private Clients Int [2014] JRC 117 (27 May 2014)

The investment business and funds services business are integral to the deposit-taking business of BPB&T and have not been artificially grafted on; therefore, the Court has jurisdiction under Article 48D to sanction the transfer of all such business to BPCI, Jersey Branch.

Citation
[2014] JRC 117
Parties
Transferor: BPB&T; Transferee: BPCI, Jersey Branch
Jurisdiction
Jersey
Judgment Date
27 May 2014
Procedural Posture
Business Transfer Scheme / Pre Sanction Hearing
Outcome
Court has jurisdiction to sanction the transfer under Article 48D, subject to evidence at the final hearing.
Legal Topics
Business Transfer, Deposit Taking Business, Investment Business, Funds Services Business, Jurisdictional Gateway
Banking Law Financial Services Law Business Transfer Deposit Taking Business Investment Business Funds Services Business Jurisdictional Gateway

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Parties

BPB&T

Transferor

BPCI, Jersey Branch

Transferee

Procedural Posture

Business Transfer Scheme / Pre Sanction Hearing

Legal Issues

  1. 1 Whether non-deposit-taking activities (investment and funds services business) are integral to the deposit-taking business for the purposes of transfer under Article 48D of the Financial Services (Jersey) Law 1998.
  2. 2 Whether the factual differences from the Standard Chartered case require a different legal outcome.

Ratio Decidendi

The investment business and funds services business are integral to the deposit-taking business of BPB&T and have not been artificially grafted on; therefore, the Court has jurisdiction under Article 48D to sanction the transfer of all such business to BPCI, Jersey Branch.

Court Disposition

Court has jurisdiction to sanction the transfer under Article 48D, subject to evidence at the final hearing.

Orders

  • Subject to the Court's acceptance of the factual position, the transfer of deposit-taking, investment, and funds services business from BPB&T to BPCI, Jersey Branch may proceed under the scheme.