Standard Bank to close Island trust and fiduciary division

The move has been described as a rationalisation process after the bank recently posted a loss of $34 million in the six months to June.

17 employees are at risk of losing their jobs with the bank saying they will do all they can to find alternative employment for those affected.

The CEO of the Island branch, John Coyle, has reassured the rest of the companies employees saying it is only the trust activities that will be affected.

The operations set to be axed are likely to be moved to Mauritius or Jersey from the end of the year.

Currently Standard Bank employs more than 100 people on Island.