Standard’s Isle of Man unit to close

STANDARD Bank Private Clients is closing down its international trust and fiduciary division on the Isle of Man as part of a rationalisation process.

The move puts about 17 employees at risk of losing their jobs. “It is only the trust activities which will be affected,” said the CEO of Standard Bank on the Isle of Man, John Coyle.

“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 we are going through now is aimed at ensuring we improve our longterm competitive position. We have 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,” Mr Coyle said.

The trust and fiduciary business will be moved to Mauritius or Jersey from the end of the year.

The bank would do its best to find alternative employment for those affected.

When Standard Bank posted its interim results to June, it said its businesses outside Africa were operating at a loss. This excluded its operation in Argentina, which it has now sold to the Industrial and Commercial Bank of China.

The group has previously said headline earnings outside Africa are only from the operations in the Isle of Man and Jersey.

Standard Bank Plc posted a headline loss of $34m in the six months to June. Costs rose 7%.

Standard Bank Group bought its first offshore trust and advisory banking interests, in Jersey and the Isle of Man, 20 years ago.

Adding to its businesses in the Isle of Man, in 1994 Standard Bank Group acquired the operations of Standard Chartered banking activities there.