Investec, the Anglo-South African investment bank, is in late-stage talks to sell its £4 billion offshore investment trust administration business to boutique merchant bank Salamanca as part of efforts to bolster its offerings to private clients.
Both the firms are said to be close to signing a deal for the transfer of the business in this week.
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The terms of the deal are not known, but is thought to be less than £10 million.
The deal will see Salamanca take control of the Investec unit that administers 600 trusts and employs approximately 100 people.
The trust business has offices in locations including Guernsey, Mauritius, and Geneva.
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