The Guernsey trust unit of Standard Chartered has been liquidated after the bank’s application.
Deloitte’s Alex Adam, Andy Wood and Stephen Browne will serve as the joint liquidators.
Confirming the move, the bank said: “Please be aware that the company no longer offers trust and fiduciary services in Guernsey.”
The Royal Court of Guernsey ordered the winding up of Standard Chartered Trust (Guernsey) last month, said the bank.
The joint liquidators will address the queries on the liquidation or data requests, noted the bank.
The development comes shortly after Guernsey Financial Services Commission (GFSC) fined Standard Chartered Trust (Guernsey).
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The discretionary financial penalty of £140,000 ($175,468) was imposed on an agreed basis.
“This was as a result of historical failures to meet the Minimum Criteria for Licensing in respect of Schedule 1 of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000,” GFSC said in a statement.
Developments at Standard Chartered
Recently, Standard Chartered appointed Marc van de Walle as the global head, wealth management.
This March, Standard Chartered Bank (Hong Kong) launched a new wealth management tool that will enable clients to interact with relationship managers.
In February, Standard Chartered opened its flagship International Banking and Priority Private centre.
In January, Standard Chartered Private Bank introduced a new review process for ESG products to enhance its fund selection process.