RBC Wealth Management has announced the closure of its office in Guernsey following a review of its business.
In the future, all relevant activity will be centralised, predominantly in Jersey and other centres. The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner.
The impact of the closure on individuals will be determined by their role. RBC said it is committed to ensuring that employees are kept well-informed and treated fairly and respectfully as the firm closes its activity.
RBC has explained that it remains committed to its operations in Jersey and across Europe in its strong Capital Markets, Global Asset Management and Wealth Management businesses in the region, as demonstrated by its recent acquisition of Brewin Dolphin.
Guernsey Finance’s Chief Executive, Rupert Pleasant said: “We acknowledge the decision by RBC Wealth Management to close its branch in Guernsey due to a business decision to centralise operations.
“It is important to note that there is continuing growth across industry; Guernsey continues to be home to a significant number of banks and recent quarterly reporting figures show our total deposits are steadily increasing, with the latest figures standing at over £106 billion.
“Today’s decision by RBC Wealth Management is in no way a reflection of the robust health of Guernsey’s financial services sector, nor the attractiveness of the jurisdiction as a place to do business.”