Question 1

What is Girobank International?

Accepted Answer

Girobank International N.V. is a defunct banking institution that operated in Curaçao as a subsidiary of Girobank N.V. The bank specialized in retail and corporate banking services for both local and international clients, including residents and non-residents of Curaçao. Girobank International is currently in liquidation following financial difficulties that affected the entire Girobank group.

The institution was registered in Curaçao under company number 53674 and operated under the supervision of the Central Bank of Curaçao and Sint Maarten (CBCS). It served as the international banking arm of the Girobank group.

Question 2

When was Girobank International founded?

Accepted Answer

While the exact founding date of Girobank International N.V. as a separate subsidiary is not publicly documented, the parent company Girobank N.V. was established in 1965. Girobank International was created to serve as the international banking division of the Girobank group, focusing on cross-border transactions and services for international clients.

The bank operated during a period when Curaçao was developing its position as a financial services center in the Caribbean region. It utilized correspondent banking relationships with major international institutions including JP Morgan Chase in New York and ING Belgium in Brussels.

Question 3

When did Girobank International close?

Accepted Answer

Girobank International N.V. entered liquidation in 2019 following the financial collapse of its parent company, Girobank N.V. The parent bank had been under an emergency measure imposed by the Central Bank of Curaçao and Sint Maarten since 2013 due to financial mismanagement.

On December 10, 2019, the Central Bank declared a moratorium period regarding account holders with deposits exceeding ANG 10,000 at Girobank N.V. The parent company began winding down operations in 2019, which led to the liquidation of its subsidiary, Girobank International N.V.

In late December 2020, the Curaçao government established GI-RO Settlement Holding N.V. (GSH), a special purpose vehicle to manage the settlement of depositor claims. The Curaçao government received an ANG 170 million loan from the Netherlands government to facilitate payouts to affected depositors up to ANG 1.2 million per account.

Question 4

Where is Girobank International headquartered?

Accepted Answer

Girobank International N.V. was headquartered in Willemstad, the capital city of Curaçao. The bank maintained its address at Scharlooweg 27 in Willemstad, operating from the same location as part of the broader Girobank group infrastructure.

Willemstad serves as the financial center of Curaçao, hosting the Central Bank of Curaçao and Sint Maarten and numerous other financial institutions that serve both local and international markets.

Question 5

Where does Girobank International operate?

Accepted Answer

Girobank International N.V. operated exclusively in Curaçao, a constituent country of the Kingdom of the Netherlands located in the southern Caribbean Sea. The bank focused on serving clients throughout the island territory, which is part of the Leeward Antilles island group.

While physically based in Curaçao, the bank's international division nature meant it facilitated cross-border transactions for clients conducting business beyond the island's borders. The bank maintained correspondent banking relationships with international financial institutions to support foreign currency transactions and international transfers.

Question 6

What services does Girobank International offer?

Accepted Answer

Prior to entering liquidation, Girobank International N.V. offered a comprehensive range of retail and corporate banking services including:

Personal Banking: Current accounts, savings accounts, time deposit accounts in multiple currencies including Netherlands Antillean Guilders (ANG), US Dollars (USD), and Euros (EUR).

Lending Products: Consumer loans, car loans, and mortgage loans for both residents and non-residents of Curaçao.

Corporate Banking: Business accounts, commercial lending, and cash management services for small and medium-sized enterprises as well as larger corporate clients.

International Banking Services: Cross-border payments, foreign exchange services, and international wire transfers facilitated through correspondent banking relationships with JP Morgan Chase (for USD transactions) and ING Belgium (for EUR transactions).

Digital Services: Online banking platforms and electronic transfer capabilities, though the bank operated during a period when digital banking was less advanced than today's standards.

Question 7

What makes Girobank International unique?

Accepted Answer

Girobank International N.V. was distinguished by its role as the international banking subsidiary within the Girobank group, one of Curaçao's established financial institutions. The bank was specifically structured to handle cross-border transactions and serve international clients seeking banking relationships in Curaçao.

The institution operated with the SWIFT/BIC code GIRCCWCC, enabling it to participate in the global banking network. Its correspondent banking relationships with major international institutions like JP Morgan Chase and ING Belgium positioned it to facilitate international transactions for clients in the Caribbean region.

The bank's ultimate fate also highlights important aspects of Caribbean banking regulation and the challenges faced by smaller jurisdictions in maintaining deposit guarantee schemes. Curaçao did not have a deposit guarantee scheme during Girobank's operation, though the Central Bank of Curaçao and Sint Maarten submitted a draft ordinance for such a scheme in February 2020.

Question 8

What type of financial institution is Girobank International?

Accepted Answer

Girobank International N.V. was a commercial bank (handelsbank in Dutch) operating under Curaçaoan banking regulations. It functioned as a universal bank, offering both retail and corporate banking services to a diverse client base.

The bank operated as a subsidiary (dochteronderneming) of Girobank N.V., the parent banking institution. This structure allowed the Girobank group to separate its domestic operations from its international banking activities. As a licensed bank in Curaçao, it was subject to supervision and regulation by the Central Bank of Curaçao and Sint Maarten, which maintains oversight of the financial sector across both constituent countries of the monetary union.

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