In principle, general banks are only admitted as long as the banking market provides sufficient opportunities for a sound development in the banking sector.
Management / Supervision of Management
- A branch must have at least two managers. The head office of the branch must have a Board of Supervisory Directors with at least three members.
- The managers must possess sufficient experience in banking, have a thorough knowledge of banking activities and be of high personal integrity.
- At all times the managers must be in function and be a resident of the Netherlands Antilles.
- All managers must be natural persons.
- The objectives or antecedents of aforementioned persons must not endanger the interests of the depositors or future depositors and any other liability holder or future liability holders.
- The appointment of the managers is subject to the prior written approval of the Bank.
A branch must provide the Bank with a guarantee of its head office stating that the head office shall guarantee all liabilities of the branch. A sample of the guarantee letter is available at the Bank.
Financial Position Head Office
The financial statements of the last three years of the head office should reflect an unqualified opinion.
Business Plan and System of Internal Controls
A branch must submit a business plan together with its financial forecasts reflecting a sound and realistic projection of the activities the bank will undertake to accomplish the statutory objectives of its head office. The intended system of internal controls must reflect adequate controls, including accounting controls, to safeguard the assets of the institution and the operations against any undue risks. Moreover, the intended system of internal controls should reflect adequate segregation of duties at least within the critical areas of operations of the institution.
Scope of Activities
The articles of incorporation of the head office shall not enable the branch to develop activities which are outside the scope of normal banking business and that might pose a danger to sound banking policy.
The legal form is that of a branch of a foreign general bank which has a legal form comparable to that of a limited liability company.
The name of the institution must clearly indicate the identity of its head office.
When applying the following procedures must be adhered to:
- The Bank must obtain an application for a license under the terms of article 3 of the National Ordinance on the Supervision of Banking and Credit Institutions 1994 (P.B. 1994 no. 4). For all applications an application form must be submitted by registered mail to the Bank. This form can be obtained at the Bank.
- The application is considered to have been filed when the following correct and complete information has been received by the Bank:
- The application form.
- A guarantee issued by the head office for all the liabilities of the branch.
- A statement from the supervisory authority of the head office, stating that there are no legal impediments to the establishment in the Netherlands Antilles and indicating to the Bank how, and to what extent supervision will be exercised upon the applicant bank.
- A list of the correspondent banks of the bank.
- Personal Questionnaires and resumes of experience of all managers.
- A Declaration of good conduct ("Verklaring van goed gedrag") of the prospective managers. Such declaration may be obtained from the police/judicial authority and certified by the Embassy or Consulate of the Kingdom of the Netherlands in the home country.
- Proof of the place of residence of the managers.
Additional information may be requested if necessary during the analysis of the information submitted.
Within six (6) months of the issuance of the license subject bank must commence its activities, otherwise the license will be withdrawn pursuant to article 9, paragraph 1b of the National Ordinance on the Supervision of Banking and Credit Institutions 1994 (PB 1994 no. 4).