RBS ‘is bringing the bank back to its roots’
MAJOR growth in new jobs at RBS International in Jersey is also being reflected in a small way in Guernsey.
The bank has centred its funds management banking in Jersey as part of the moves it is making to comply with ring-fencing requirements for British banks from January 2019, creating 120 jobs as a result.
Eight of those jobs have been created in Guernsey.
RBS chief executive Ross McEwan, speaking during a three-day visit to Jersey, confirmed the moves, which have been developing over the past year.
The ring-fencing regulations in the UK require all the large UK banking groups to split consumer retail banking from other riskier areas of business, such as funds and investment, as one of several reforms to protect consumers following the global financial crisis.
‘We are bringing our funds business here to Jersey, creating about 120 jobs, and we’re moving some assets here which, because of the ring-fencing, we can’t keep in the UK,’ Mr McEwan said.
‘We are expanding from the base of Jersey and using RBSI as the vehicle to do so. This is an important business for us – we have been here as RBSI for 21 years and have made profits for 21 years. That’s a good starting point.'
Full story in today's Guernsey Press