Lloyds TSB Offshore Trust Company is shutting its Gibraltar operation, which has been open since 2002, after deciding to focus on its activities within the Channel Islands.

Lloyds’ private banking arm in Gibraltar, along with the recently opened expatriate banking office in the territory are unaffected, the bank said in a statement.

All staff affected by the closure have already been secured alternative roles within Gibraltar or other parts of the Lloyds Banking Group, the statement continued.