ABN AMRO Bank N.V. has announced that it will be 'integrating' its private banking activities in Jersey and Guernsey, subject to regulatory approval.
In effect, the Dutch bank will be closing its Jersey function and moving all operations to Guernsey.
Brigitte Seegers, Senior Press Officer at ABN AMRO in Amsterdam, told BL Global: "After the consolidation there will be no presence of ABN AMRO on the ground in Jersey. We expect the integration to be complete in due course of 2016."
ABN AMRO currently employs 63 staff in Jersey and 92 in Guernsey. Seegers told BL: "We will engage now with employees about future employment within the new ABN AMRO Channel Islands."
ABN AMRO’s clients in Jersey are in the process of being informed and will be offered the option to continue their banking services with ABN AMRO in Guernsey.