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Banking is a worldwide thing and there are many types of banks. Regional, National and international. Regional banks are region specific so their headquarters are easy to find and National is usually the capital but what about international banks? We are here to help.
What is a Bank?
A bank is a financial institution that accepts deposits and recurring accounts from the people and creates Demand Deposit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. The oldest existing retail bank is Banca Monte Dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
What is an International Bank?
An international bank is a financial entity that offers financial services, such as payment accounts and lending opportunities, to foreign clients. These foreign clients can be individuals and companies, though every international bank has its own policies outlining with whom they do business.
Companies do business with international banks to help facilitate international business, the complexities of which can be quite costly.
Why International banks?
- Individuals work with international banks for a number of reasons, including tax avoidance, probably the term you’ve heard the most in relation to offshore banking. Tax avoidance isn’t necessarily illegal. But there are plenty of other hazards in international banking.
- Many people around the world use international banks to shelter their money from their home country’s income and estate taxes. Hosts of banks are based in countries with low or no income and estate taxes, such as the Cayman Islands, Belize, Panama and the Isle of Man. But you can’t just put your income in Belize and not pay taxes. Customers must report their income and work with their bank to make sure tax avoidance doesn’t turn into tax evasion.
- Some individuals use international banks to invest in the economies of booming countries and in developing countries, the same way they might invest in a domestic corporation or real estate venture.
- A number of wealthy individuals keep their wealth in offshore banks and other entities to keep it safe from lawsuits. That doesn’t mean these people are criminals; they simply want to avoid losing every penny to a sudden, unexpected or predatory lawsuit.
List of International Banks
|AB Bank Ltd.
|ABN AMRO Bank
|Abu Dhabi Commercial Bank
|American Express Banking Corporation
|Australia and New Zealand Banking Group Ltd.
|Bank of America
|Bank of Bahrain & Kuwait BSC
|Bank of Ceylon
|Bank of Nova Scotia
|Bank International Indonesia
|BNP Paribas Bank
|China Trust Commercial Bank
|Commonwealth Bank of Australia
|Credit Agricole Corporate & Investment Bank
|Credit Suisse A.G
|CTBC Bank Co. Ltd.
|FirstRand Bank Ltd
|Industrial & Commercial Bank of China Ltd.
|Industrial Bank of Korea
|J.P. Morgan Chase Bank N.A
|JSC VTB Bank
|KBC Bank NV
|Korea Exchange Bank
|Krung Thai Bank Public Co. Ltd.
|Mashreq Bank PSC
|Mizuho Bank Ltd.
|National Australia Bank
|National Bank of Abu Dhabi PJSC
|Royal Bank of Scotland
|Sonali Bank Ltd.
|Standard Chartered Bank
|State Bank of Mauritius
|Sumitomo Mitsui Banking Corporation
|The Bank of Tokyo- Mitsubishi UFJ, Ltd
|The Royal Bank of Scotland N.V.
|United Overseas Bank Ltd
|Westpac Banking Corporation
Almost 50 different international banks. Sad to see India isn’t there yet but one day hopefully. Focusing on the present, have you started learning yet? If not start today with the Entri app! Keep learning and have a nice day! 🙂