UP to 17 jobs could be lost in the island after Standard Bank Private Clients announced a shake up of its international trust and fiduciary division.
The bank said that following a comprehensive review, the division’s trust business would be transferred from the Isle of Man to either Jersey or Mauritius by the end of this year.
The move impacts on the Isle of Man Trust and Fiduciary business only – and no part of the Standard Bank Isle of Man business is affected.
Standard Bank said it continued to have a strong commitment to its banking operations here, which it said have considerable potential for future growth.
It said it regretted that 17 roles in the Isle of Man trust business were now at risk but that it would do all it can to maximise redeployment opportunities for those staff within its wider business, as well as providing expert counselling and advisory services to help them find alternative employment where necessary.
John Coyle, chief executive officer of Standard Bank in the Isle of Man, said: ‘Standard Bank has a long history in the Isle of Man, and we are fully committed to our future growth strategy here.
‘It is only the trust activities which will be affected. We have significant banking operations on the Isle of Man, which continue to grow and develop, employing more than 100 people in the island.
‘In fact, the process that we are going through now is aimed at ensuring that we improve our long-term competitive position. We have carefully reviewed the way we deliver trust services to our clients across the Group, and have decided to consolidate the business in our other locations in order to make sure our model is kept simple and cost-effective.’
He added: ‘It is clearly a very difficult time for our people; we fully understand that, and will continue to do all we can to assist them.’
The Isle of Man trust business is part of the Group’s International Private Clients Division which also includes operations in London, Jersey and Mauritius.