Banking Crisis
Kleinwort Benson Withdraws From The Isle Of Man
Kleinwort Benson is pulling its banking and wealth management services out of the Isle of Man, the firm confirmed.
Kleinwort
Benson is pulling its banking and wealth management services
out of the Isle of Man, the firm has confirmed.
It is a blow for the island which relies heavily on its banking sector.
“Our business in the Isle of Man, whilst profitable, lacks critical mass and we felt that in the long term we would not be able to continue to provide the high quality of service our clients expect,” the bank said in a statement.
“We shall therefore effect an orderly wind down of the business and will work with our clients to ensure a smooth transition of their business to a new service provider over the coming months,” it added.
It is understood that 12 staff are affected by the decision.
Kleinwort Benson’s head office is in London and it also has offices in Jersey, Guernsey and South Africa.
It is a blow for the island which relies heavily on its banking sector.
“Our business in the Isle of Man, whilst profitable, lacks critical mass and we felt that in the long term we would not be able to continue to provide the high quality of service our clients expect,” the bank said in a statement.
“We shall therefore effect an orderly wind down of the business and will work with our clients to ensure a smooth transition of their business to a new service provider over the coming months,” it added.
It is understood that 12 staff are affected by the decision.
Kleinwort Benson’s head office is in London and it also has offices in Jersey, Guernsey and South Africa.
