Up to seventeen jobs could go at Standard Bank Private Clients after the company decided to close its international trust and fiduciary business on the Island.
The business will be transferred to Jersey or Mauritius from the end of the year.
The move is said to be part of a rationalisation process but it's being stressed that no part of the Standard Bank Isle of Man business is affected. The bank has confirmed its strong commitment to banking operations here, which have considerable potential for future growth.
More than 100 people are currently employed in the banking operation.
Standard Bank says it will do all it can to help those who may lose their jobs by trying to re-deploy them within their wider business as well as providing counselling and advisory services to help find alternative employment where necessary.
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