Key Benefits of Banking with Turks & Caicos Banking Company
Our institution is a private bank handled in the traditional Swiss way, specialized in investment banking and portfolio management.
The Bank manages portfolios with a wide spectrum of products including but not limited to the following services:
The Turks and Caicos Islands have a broadly based and sophisticated Professional Community of lawyers, accountants, insurance managers, trust companies and corporate management companies.
Three major international banks provide the community with retail commercial banking services.
Turks and Caicos Banking Company does not engage directly in the formation or management of offshore companies nor in any trust activities. The bank does, however, provide advisory services on the formation or management of offshore companies and trusts, working closely with the professional community, and assists clients in obtaining the right advice for their specific needs.
History of Turks & Caicos Banking Company
In 1852, cast iron pieces for the Grand Turk lighthouse were shipped from England and assembled in the Turks & Caicos Islands. To this day, the lighthouse stands guard on North East Point, sending its beacon to protect seafarers from potential disaster on the treacherous shallow reefs below.
It seems fitting that this bastion of stability, longevity and security should serve as the symbol of the Turks & Caicos Banking Company one of the Islands’ original financial institutions. Established in 1980, Turks & Caicos Banking Company has been involved from the birth of TCI’s role as an offshore finance center and “grew up” along with the Islands.
It all began in the late 1960s when Norwegian national Nils 0. Seim and his wife Grethe visited Grand Turk, fell in love with the island, and planned their retirement there. A keen businessman, Nils had a clear vision that the Turks & Caicos would someday emerge as an important financial and tourism center. He recognized the need for an alternative to retail banking in the form of a European-style private bank that could serve the needs of private investors. He incorporated Turks & Caicos Banking Company and obtained a banking license from the government in May 1974.
In 1981, the bank financed local builder Evan “Storm” Missick to build Harbour House, the first modern commercial building on Grand Turk, and quite naturally became its first occupant. The bank was based there until 1997 when it moved to the Mac Law House on Duke Street, Grand Turk. In February 2002 the Board of Directors took another major step forward and opened an office in Caribbean Place, Providenciales, a reflection of the branching out of financial activities into the country’s tourism mecca. Since most of the financial services industry professionals are also based in Providenciales and a major shift in businesses has taken place to the Grace Bay area, the Bank decided in January 2011 to close the Grand Turk and Caribbean place offices and to move into modern premises at the Regent Village in the heart of the Grace Bay Resorts and shopping district.
A major achievement was the Seim family sponsorship of the Turks & Caicos National Museum, an investment of over $1 million since its establishment in 1990 and with Grethe acting as a driving force in its creation. Among many other local causes, the bank also donated funds to build the new clubhouse at Waterloo Golf Course in Grand Turk. The Bank continues to support the National Museum, Sports and Education and the staff take active roles in various community organizations.