Guernsey's finance sector remains in a strong position and RBC's decision to close its Guernsey Wealth Management office is not down to any issues within the industry according to the man with political oversight of the economy.
Deputy Neil Inder, President of the Committee for Economic Development said he has been assured by RBC that the relocation of roles to Jersey and elsewhere was purely a business decision and not a reflection on Guernsey's finance sector.
Deputy Inder said that: "RBC has operated in Guernsey for many years and has been a valued business throughout.
"It is always disappointing to lose such a well-established company but I am assured this is very much a business decision to centralise its operations. I am told that RBC expects the transition of client business and operations to take up to two years to complete and the States of Guernsey will continue to engage with RBC in the weeks and months ahead and offer any practical support as needed."
Pictured: Deputy Neil Inder, President of the Committee for Economic Development.
He confirmed his confidence in the island's main industry and extended that confidence to the 89 individuals who may now need to find new jobs.
"The finance industry continues to be strong, we are seeing growth in many sectors and we know that there are significant numbers of vacant roles currently available.
"RBC’s staff are highly skilled and I am confident that they will have many opportunities available to them should they wish to remain in the industry following RBC’s exit."
The news was announced yesterday, after staff had been informed of the decision to close the Guernsey office.
RBC Wealth Management said it "has made the difficult decision to close its office in Guernsey following a review of its business and centralise all relevant activity, predominantly in Jersey and other centres. The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner.
Pictured: RBC's Jersey office.
"The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner.
"The impact of the closure on individuals will be determined by their role. RBC is committed to ensuring that employees are kept well-informed and treated fairly and respectfully as the firm closes its activity.
"RBC remains committed to its operations in Jersey and across Europe in its strong Capital Markets, Global Asset Management and Wealth Management businesses in the region, as demonstrated by its recent acquisition of Brewin Dolphin."
89 staff are employed by RBC within its Wealth Management service in Guernsey but it has not yet been confirmed whether any of their roles will be protected by either remote working or relocation plans.
Pictured top: Dorey and Martello courts at Admiral Park. RBC is at Dorey Court.
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