IBFs are branch offices of major international banks located mainly in the Bahamas and Grand Cayman Islands to attract Eurocurrency deposits.

Question

Quizplus · Accepted Answer

IBFs (International Banking Facilities) are not physical branch offices located in specific geographic locations like the Bahamas or Grand Cayman Islands, but rather are virtual or accounting entities established by U.S. banks and foreign banks located in the U.S. to offer international banking services, primarily to attract Eurocurrency deposits, while being exempt from certain domestic regulations.

IBFs Are Branch Offices of Major International Banks Located Mainly