Guernsey-based Clydesdale Bank International has closed to new business and announced it will run-down its existing customer book by 2014.
The 19 staff affected have been informed that the bank’s closure is not anticipated to be completed before next year at the earliest.
Existing customers are being told there will be no immediate impact and arrangements are in place for those wishing to access their funds, regardless of any product restrictions.
Clydesdale Bank retail director Andrew Pearce says: “We have been reviewing our strategy across the whole of Clydesdale Bank and are concentrating our efforts on what we do best in those areas we are strongest.
“Our focus now is to work with colleagues and customers to ensure that everybody understands this change and that we manage a smooth transition.”
Clydesdale Bank International managing director James Blower announced his resignation earlier this month after four years with the bank. Former Yorkshire Guernsey Limited managing director Peter Symes was confirmed as Blower’s successor.