Coutts, the private banking arm of RBS, is planning to sell its remaining trust business in the Cayman Islands.
The step follows the sale of its private banking business in Latin America, the Caribbean and Africa with client assets worth more than US$2 billion to RBC Wealth Management. This included the bank’s private banking operations in the Cayman Islands, but the Cayman Islands trust business remained with Coutts.
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Coutts has 75 employees in Jersey.
Martin Hall, head of Coutts’ International Trust Business, said: "The sale of the trust business is consistent with last year’s sale of private banking assets, in terms of focusing on the bank’s footprint and core growth markets elsewhere.
"Coutts is negotiating with several parties. We are progressing that with the best interest of the clients, the staff and the business in mind," Hall revealed.
For the 30 Coutts employees in Grand Cayman, the sale will mean ‘business as usual’ for the time being, Hall said.
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By GlobalDataThe bank said that it also restructuring its trust operations in Geneva, but it remains committed to Switzerland.
Coutts has reduced the number of countries it serves from 170 to about 70 during the past two years.
