As Coutts continues to focus on its strategy of being a UK-focused bank, a decision has been made to no longer offer the trust and company administration services based in Jersey.
The current senior management team of Coutts & Co Trustees (Jersey) has entered into a binding sale and purchase agreement to complete a management buyout of the company. Both parties are working towards completion, subject to regulatory approval, by the end of the year.
Grant Parkinson, Coutts’ Chief Operating Officer, said: “The decision to sell our Jersey Trustees company is a natural one as we continue to focus our attention on the UK following the sale of Coutts International earlier this year.
“I am pleased we have agreed a sale with the current management team – such an outcome will result in minimal disruption to our clients.
"Coutts is committed to continuing to provide UK-based trust and company administration services and world-class private banking and investment management services in Jersey where we have recently welcomed 800 new clients to our Wealth Management business.”