UBS decision to close its private banking unit in Bahamas will impact more than 70 local staff over the next 10 months, according to a Tribune Business report.

UBS’s head office told Tribune Business that "economic viability" had prompted it to "decommission" its Bahamian private banking business.

However, the Swiss banking giant has assured the Bahamas Government that it would ‘minimise’ local lay-offs.

Ryan Pinder, Bahamas minister for financial services, told the publication that UBS would retain a strong presence in the Bahamas, and was seeking to grow and expand its trust and fund administration businesses.

This would enable UBS to retain some of the impacted private banking employees in the Bahamas, while others will be offered posts elsewhere in its global network, Pinder added.