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Up to 63 jobs are at risk after ABN Amro announced that they were moving their private banking arm to Guernsey.
In an announcement this morning the Dutch bank confirmed that – subject to regulatory approval – they would be pulling out of Jersey to head to Guernsey.
The bank employs 63 people in Jersey at their Castle Street office, and 92 in Guernsey.
The move follows a recent trend of Jersey’s banking sector getting smaller, while the other elements of the finance industry – funds, trust and accountancy – are growing.
In a statement, ABN Amro’s head of private banking said that the change would create better value for their clients.
Jeroen Rijpkema, CEO of ABN AMRO Private Banking International, said: “ABN AMRO Private Banking has a leading position in the Eurozone and a solid footprint in Asia.
“Integrating our Jersey and Guernsey private banking activities will enable us to further strengthen the combined value proposition to our clients in the region, leverage our scale, create synergies and simplify our governance.”
The banks clients in Jersey are being informed about the change and are being given the option of moving their business across to Guernsey.
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