Standard Chartered has consolidated its two banking entities in Jersey to create a single operating platform for its Jersey business.

The bank, which employs over 150 staff locally, was the first Jersey banking group to use a provision in Jersey’s banking legislation to transfer all of the business of its locally incorporated subsidiary to the Jersey branch of its parent company, Standard Chartered Bank. 

The Jersey branch of Standard Chartered Bank has now become the sole operating entity on the island.

Standard Chartered was advised locally by the Jersey office of the offshore law firm Appleby.

"The historic reasons for Standard Chartered to operate from two entities in Jersey no longer apply. In order to provide a more efficient operating platform we therefore decided to consolidate all of our activities in the island into the existing Jersey branch of Standard Chartered Bank," said Richard Ingle, chief executive officer of Standard Chartered in Jersey.

"The use of a court approved scheme allowed us to transfer our business with minimal disruption for our clients who can continue to enjoy the bank’s broad range of offshore savings and investment products and our high level of dedication and service," he added.

In other news, Standard Chartered has launched the Standard Chartered Development Index, as part of a new report entitled Measuring Sustainable Development. For more on this story, click here.