The Channel Islands subsidiary of Swiss private bank EFG International is being reviewed as the firm is rumoured to be looking to close its Guernsey operation.
The move is part of EFG’s rationalisation strategy.
According to local media, EFG Bank in Guernsey employs around 35 members of staff, and is currently “under review”.
But the Jersey branch, which also falls under EFG Bank (Channel Islands), is not going to be affected and will not close.
EFG International told International Adviser: “Regarding the proposed closure of EFG Private Bank (Channel Islands), EFG’s Guernsey banking business, we confirm that while any final outcome is subject to regulatory approval, we are currently reviewing our Guernsey business as part of our previously announced international booking centre and footprint rationalisation strategy.
“Further updates regarding this matter will be announced by EFG as appropriate in due time.”