RBC Wealth Management has announced plan to close its operations in Guernsey after completing a review of the business.

The move is a part of the company’s plan to centralise its activities, primarily in Jersey and other locations.

It is expected to take two years of time to complete the closure.

The Guernsey office currently employs 89 people, whose fate will be decided by their positions, said RBC Wealth Management.

In a statement, RBC Wealth Management said it had been a “difficult decision”.

RBC Wealth Management added that the company “is committed to ensuring that employees are kept well-informed and treated fairly and respectfully as the firm closes its activity.”

The latest development comes after the £1.6bn takeover of Brewin Dolphin by Royal Bank of Canada (RBC) in September last year.

Guernsey Committee for Economic Development president Neil Inder was quoted by BBC as saying that it was “disappointing to lose such a well-established company.”

However, he was “assured this is very much a business decision to centralise its operations.”

Inder added: “The finance industry continues to be strong, we are seeing growth in many sectors and we know that there are significant numbers of vacant roles currently available.

“RBC’s staff are highly skilled and I am confident that they will have many opportunities available to them should they wish to remain in the industry following RBC’s exit.”