Barclays' offshore sale is good for Guernsey

Michael Betley, pictured, former chairman of the Guernsey Association of Trustees, said it appeared that the new owners would be keen to grow the business and would see a local operation as a distinctive office with much to offer.

Barclays has agreed to sell its entire international offshore trust and fiduciary businesses – which covers Guernsey, Jersey, Isle of Man, Singapore, Cayman Islands and Switzerland – to an independent investment group which it has not named.

It has been reported that two families with significant experience in the sector are involved, and it is understood that a Jersey-based fiduciary company also has an involvement.

The bank, which will keep a minority stake in the new business, said: 'The decision to sell has been in train for some time and is consistent with Barclays Wealth and Investment Management's strategy to become a simpler and more focused business.

'We believe the offshore trust and fiduciary businesses have significant potential and under the acquirer's ownership our clients will benefit from the growth opportunity that this sale represents.'

It would not reveal the number of Guernsey-based staff affected by the deal, but 275 people are employed across the international operation.

Mr Betley, also group chairman at Trust Corporation International, said that rumours of a disposal for the bank's trust business had been circulating in the industry for some time.

He was pleased that the uncertainty had been concluded with a sale rather than some other kind of closure of the business.

The apparent background of the purchasers too was cause for local confidence, he said.

'You would expect that the purchasers would see that an international administration platform is something that has value and it is interesting that the purchasers have come from a trust and, it seems, family office background, as opposed to private equity or a private equity-backed business,' he said.