What you should know

It's Your Money! You've worked hard to get where you are... you've earned your money the old fashioned way, by ingenuity and hard work. Choosing the right wealth management team means choosing Millennium Bank.

Deposit Insurance

Our United States investors frequently ask us about Federal Deposit Insurance Corporation (FDIC) insurance. FDIC insurance in the US and Canada, is capped at $100,000.00. This means that each depositor is protected to a maximum of $100,000.00. FDIC is best understood within the context in which it was created.

The FDIC was created in the United States as a result of the banking crisis of the 1930s. It is primarily designed to prevent a collapse of the banking system brought on by depositor panic. FDIC is not intended to reduce the risk of a bank's investment policies, preserve capital, or guarantee interest payments. Many US banks have deposits that are oriented towards the short term and thus benefit from FDIC membership. Under a system like FDIC, banks are required to limit the majority of their assets in stable but low yielding instruments such as government bonds.

Free from the limitations of FDIC, Millennium Bank has more flexibility in its investment choices. Millennium Bank can invest in a wider variety of instruments, such as AAA rated bonds offered through European companies, international real estate and business investments. This results in a portfolio that hedges risk through diversity. Simply put, Millennium invests in similar vehicles as US banks but can offer more attractive returns and better manage risk through global choices.

Millennium and most other banks invest in similar asset classes. For example, many banks offer home mortgages, which are essentially real estate investments. In the United States, banks are primarily limited to mortgages on real estate in the United States. Millennium Bank also invests in real-estate backed mortgages, but Millennium can invest in mortgages in international markets where these mortgages pay higher interest than similar mortgages in the United States. Therefore, with its global network, Millennium invests in similar assets but delivers higher returns to its investors.

As another example, many banks invest in government bonds. Specifically, many banks in the United States invest in bonds issued by the US, State, or Municipal Governments. Most of these bonds are A to AAA rated securities, or equivalent. Millennium also invests in A to AAA rated bonds, but Millennium invests in bonds in international markets where the coupon, or interest rate, are significantly higher than those paid by the governments in the US. Simply stated, with its global network, Millennium invests in similar assets but delivers higher returns to its investors.

Finally, many banks offer commercial loans. A commercial loan is issued to a company and is essentially an investment in the assets of a company. Structured as loans, the investment returns are limited to the interest rate payable on the loans. Millennium also invests in companies. Following a stringent analysis, Millennium structures investments into companies, but the returns are not limited to interest rates payable on loans. Therefore, with its team of experienced business leaders, Millennium passes on these higher returns to its investors while maintaining low risk profiles.

Deposits in Millennium Bank are not protected by FDIC insurance. However, the proven strength and financial viability of Millennium Bank not only acts as a protection blanket for investors, but a spring board for the growth of investor assets.

Regulations

Millennium Bank complies with all international banking regulations and exceeds the highest standards for performance as defined by both the Eastern Caribbean Central Bank and the International Financial Services Authority.

Auditing

We are regularly audited by one of the world's largest and most respected accounting firms. The most recent audit included a detailed examination of the bank's practices, its business plans and its balance sheet.

Protection for Your Valued Assets

St. Vincent and the Grenadines ensures the stability and the viability of its private banks through a strict regulatory system. Private banks located in St. Vincent and the Grenadines including Millennium Bank are regulated by the International Financial Services Authority established under the International Banks Act.

Every ninety days, all private banks in St. Vincent and the Grenadines must submit by law a quarterly financial return to the International Financial Services Authority. This allows the regulator to ensure the financial health and viability of private banks. If any sign of financial instability is detected by the regulator, the regulator immediately intervenes to protect deposits.

Notwithstanding the legal requirement for quarterly financial returns, every year private banks located in St. Vincent and the Grenadines must appoint a recognized auditor to audit their accounts. The audited accounts are then filed with the International Financial Services Authority. The regulator then reviews the audit to further ensure that the bank is stable and reputable. Millennium Bank is audited annually by one of the largest and most respected accounting firms in the world.

This regulatory process is in place to ensure that assets deposited by clients grow in accordance to negotiated terms. Each private bank located in St. Vincent and the Grenadines must by law strictly abide to all financial requirements established under the International Banks Act. IFSA rigorously monitors these legal requirements with due diligence with the central objective of protecting the valued assets of depositors.

Millennium Bank is aware of the concerns of those who are accustomed to the protection offered in the United States through deposit insurance. This is an excellent insurance program that is not available to our U.S. clients here in St. Vincent and the Grenadines. We can only encourage those potential clients to familiarize themselves further with the protection offered to depositors by St. Vincent and the Grenadines International Banks Act and the International Financial Services Authority (see IFSA link on home page). Part II, Section 13 of the International Banks Act entitled Accounts is most relevant to deposit protection.

You will discover that the regulatory system in St. Vincent and the Grenadines offers clients deposit protection that is unrivaled internationally.

Why Bank With Us?

Our Financial Affiliations and Strengths

Millennium Bank is a global, private bank wholly owned by United Trust of Switzerland, SA, a 75 year old private asset management company. This unique and powerful symbiotic relationship enables us to provide our investors with the most attractive returns by having access to select investment opportunities from around the world. We have greater options, wider opportunities and many more avenues than our competitors. Further, Millennium Bank uses its global network to create an efficient operating structure, specifically in terms of operating costs and tax efficiency. Millennium Bank delivers the highest possible returns for its investors by combining the superior returns offered by these global investment assets with low-cost, efficient operations.

An investment portfolio that includes assets from around the globe often mitigates risks associated with inflation, currency devaluation, regional market fluctuations, and political turmoil, among others. This wide diversity translates into stability and peace of mind for our clients.

Core Values

Dedication to excellence, customer services, and respect for privacy comprise the ideals of Millennium Bank. Millennium bank will serve its clients while being mindful of its duties to the jurisdiction in which it is licensed, as well as its duty to protect and preserve client confidentiality. Whatever your priorities, we will work to understand where you are now and what you want from life - then use our expertise to help you get there. We know it takes time to form a strong, trusting relationship. At Millennium Bank we give you that time commitment

Community Relations

Millennium Bank is proud of its employees and recognizes their hard work and dedication toward our clients. Part of being the best is to take a vested interest in your community and we appreciate the time our employees take to help us execute our philanthropic endeavors.

Every year, Millennium Bank donates computers to schools and grants scholarships to needy students across St. Vincent and the Grenadines. We sponsor special school activities and many cultural events in SVG. Millennium Bank donates generously to religious orders, service clubs, charitable organizations and community associations. It is our small way of giving back to the people who give their all to us.

We are proud to do our part for a great community. We are happy to support the people of St. Vincent and the Grenadines. Millennium Bank plans not only to build on that relationship in the years to come but to exceed on those accomplishments.

About Us

Millennium Bank is a subsidiary of United Trust of Switzerland, SA, a Swiss-registered private trust company that was founded in 1931. United Trust of Switzerland is located in the heart of Geneva's financial district and has its registered office in the Canton of Zug. United Trust of Switzerland's extensive experience in the financial services sector provides Millennium Bank with a solid foundation and access to correspondent banking relationships. These correspondent relationships allow Millennium Bank's customers to expeditiously conduct their cross-border, multi-currency transactions.

Dedication to excellence, customer service, and respect for privacy represent the key core principles of Millennium Bank. We fully understand the direct correlation between client satisfaction and the viability of our business.

Our goal is to provide our clients with an exceptional banking experience in order to foster long-term relationships. We have a select group of employees with the knowledge and expertise to cater to all your specialized needs. Each staff member has an area of expertise from Management to Investment, Company Formation, Trust Formation, Account Administration, Law and much more, giving you the right person every time. We can go beyond the average bank, molding and developing a banking experience to fit your needs. We respectfully invite you to become one of our private clients so that you can experience the Millennium Bank difference.

Location

Millennium Bank is located in Kingstown which is the capital of St. Vincent and the Grenadines (SVG). This quiet, small group of islands has a history as an international private financial center dating back to 1976, when the first laws were passed to allow the formation of international companies, insurance companies, trusts and banks. SVG is self-governing, and has judicial independence and stable political and fiscal infrastructures, unaffected by changes in North American or European economies.

St. Vincent and the Grenadines is situated within 100 nautical miles of Barbados, St. Lucia and Grenada. Known as ''the jewels of the Caribbean'' St. Vincent and the Grenadines is a sovereign nation having achieved independence from Great Britain in 1979. It is a member of the British Commonwealth, the Organization of American States (OAS) and holds a seat in good standing at the United Nations.