•Established in 1997
•Based in the Cook Islands
•Licenced for Domestic and International banking business
•Audited by KPMG
•Insured by AXIS Specialty Limited (Singapore Branch)
•Member of SWIFT (CPSBCKCA)
•Total Capital to Risk Weighted Assets Ratio greater than 15% (exceeds Basel III requirements)
•Conservative product offerings
CSB has been operating for over 21 years and commenced business to service personal family trusts managed by professional trustees. This remains a key part of our service but we have grown to include personal corporate accounts. Today our mission is to provide top quality Private Banking to our clients.
CSB maintains an office in just one jurisdiction, the Cook Islands. Whilst CSB meets international banking requirements, our clients have the certainty of operating under just one set of laws as opposed to what many multinational banks experience. In addition, the laws in the Cook Islands are clear and concise and are supported by a professional and competent judicature and regulatory compliance.
The legislation of Cook Islands and the policies of CSB offer a balanced level of privacy to its clients. CSB is required to properly identify its clients and understand the economic purpose of transactions they undertake. CSB maintains this information in privacy but can provide that information to those properly authorised to receive it.
The nature of CSB’s business is to offer service to clients seeking full service Private Banking as opposed to Retail Banking. This typically means that CSB’s clients;
• are generally of a higher net worth,
• are looking to tuck “nest egg” funds away rather than “living cost” funds,
• prefer a higher level of personal service,
• are conservative in their investment goals,
• seek discretion in dealing with their personal financial information
CSB was granted its Banking Licence under the Offshore Banking Act 1981-82 in 1997 this act has since been updated to the Banking Act 2011. Copies of this legislation plus banking prudential statements can be found on the Cook Islands Financial Supervisory Commission website by clicking on this link, Cook Islands Financial Services — Legislation.
CSB maintains a Licence for both Domestic (through its wholly owned subsidiary, Capital Security Bank Cook Islands Limited) and International banking business.
Copies of CSB’s licences can be found here.
The international accounting firm of KPMG are the auditors of CSB. KPMG Auckland, New Zealand are the office that is responsible for CSB’s audit. A copy of CSB's current audit opinion letter can be found here
CSB recognise that it is important to not only provide controls and manage risks it is also important for the peace of mind for our clients that certain insurances are in place.
Whilst there is no deposit guarantee scheme in place for Banks in the Cook Islands, CSB maintains professional Indemnity in the amount of USD 5,000,000.
Willis Towers Watson, a multinational risk management, insurance brokerage and advisory company, are CSB’s insurance brokers who have placed our policy with AXIS Specialty Limited (Singapore Branch).
There are emerging technologies in global payment processing and funds transfers and CSB is keeping abreast of these developments. SWIFT however remains the industry standard and CSB is a member of this funds transfer network.
Being a member of SWIFT allows access to tremendous global resources including automated sanction screening, Know Your Client Registry (on CSB) and industry updates.
Under the Banking Act 2011 Cook Islands banks are required to maintain a ratio of Total Capital to Risk Weighted Assets of 10%. The Capital Adequacy Ratios of the Banking Act 2011 were based on Basel II requirements. The Directors have implemented a policy to maintain this ratio at 18% to include an additional buffer.
In line with its low risk philosophy CSB offers products to its clients that are conservative in nature being cash or physical precious metals. For clients seeking higher returns CSB offers both a Trading Account and a Managed Investment Account where those assets are segregated by client.
CSB is conservative in its own investment and cash placement strategies. CSB does not make cross currency investments and is not exposed to currency risks. Further all cash deposits of clients are invested in fixed interest bonds or deposits with highly rated OECD financial institutions.