British private banking firm Kleinwort Benson has, reportedly, decided to cease offering wealth management and banking services in the Isle of Man.
The move is expected to affect 12 jobs, according to publication Isle of Man Today?.
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Kleinwort Benson said it is leaving the island even though the business remains profitable because it lacks ‘critical mass.’
The British group has offices are in St George’s Court, Upper Church Street, Douglas.
The decision to quit the island is yet another setback for the island’s banking sector which has suffered a series of hammer blows in recent months.
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