STANDARD BANK PLC. (OFF-SHORE BANKING)
Off-shore banking is a unique solution for banks across the globe to carry out international banking business involving non-resident foreign currency denominated assets and liabilities for captivating and advantage of low or nonexistent taxes/levies and higher return on investment.
Alongside the presence in the commercial hubs of the country, SBPLC has taken a position to extend its network in the special Export Procession Zone created for foreign investors and local entrepreneur engaged in 100 percent export based industry.
Offshore banking has increased rapidly all over the world since 1960s because of the growth of liquidity in the world financial markets. The full spectrum of financial services from offshore banks include deposit taking, money transmissions, provision of foreign exchange, trade finance, credit facilities, investment custody, investment management, fund management, trustee services and corporate administration.
Offshore centre is a separate territory does not to be located at offshore. It refers to the Banking operations that cover only non-residents and do not mix with the domestic Banking. An Offshore Banking centre is a place where deliberate attempt is made to attract international Banking by offering many concessions in the form of taxes and levies being imposed at lower rates or not being charged. A more important relaxation for the Offshore Banking is the exemption from restrictions on operations. Offshore Banking in these centers can carry on their activities of deposits taking and lending from/to international enterprises or investors without conflict with the domestic fiscal and monetary policy. In short, Offshore Banking is an international banking kept separate from domestic Banking. Offshore Banking business is especially free from most of the domestic taxes and levies.
