Adam & Co, the RBS owned private bank, is
to shut down its international office based in Guernsey, Channel
Islands.
The closure process, which started in December
2011, will be completed within 18 months, RBS said.
Go deeper with GlobalData
RBS will keep managing international client’s
assets through Coutts.
Clients directed to Swiss
office
Adam & Co costumers are to be redirected
to the Swiss office of other RBS-owned private bank.
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By GlobalDataThe closure is part of RBS strategy to focus
on strategic markets while exiting from other non-core
businesses.
Adam & Co has £1.5bn ($2.3bn) of private
client funds under management of which Adam International
represented just 2%.
