The Isle of Man regulator has reported that Standard Bank Trust Company (Isle of Man) closed its business from 31 May 2013.
The Isle of Man financial supervision commission said that "Standard Bank Trust Company IOM, which was licensed under Section 7 of the Financial Services Act 2008, has surrendered its licence with effect from 31 May 2013."
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Standard Bank said that after a comprehensive review undertaken during October 2012, Standard Bank private clients had completed the reorganisation of its international trust & fiduciary division by transferring trust business from the Isle of Man to either Jersey or Mauritius.
Since the end of 2012, the bulk of its clients’ trust business has been managed and administered from Jersey and Mauritius. This also serves to keep our operations simple and cost-effective.
CEO of Standard Bank IOM John Coyle, said: "The process that we went through was aimed at ensuring that we improve the service to our clients as well as enhance our long-term competitive position.
"We carefully reviewed the way we deliver trust services to our clients across the group, and decided it would be more beneficial to clients if trust activities were centralised in Jersey and Mauritius.
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By GlobalData"It is only the trust activities which will be affected. We have significant banking operations on the Isle of Man, which continue to grow and develop, employing more than 100 people in the island."
The Isle of Man trust business includes its operations in London, Jersey and Mauritius.
