Close Private Bank has restructured its Channel Islands operations and will merge its product lines ...
Close Private Bank has restructured its Channel Islands operations and will merge its product lines under the same banner.
Rex Cowley, director of products and services at Close Private Bank Group of Companies, said: "The restructure and rebrand was due to the existing product services being inefficient and competing with each other."
Under the rebrand, the operations in Jersey, the Isle of Man and Guernsey will be called the Close Private Bank Group of Companies. The five lines will be in banking, investment, trustee, custody and pension.
Close Banking Service will accommodate banking products under the Isle of Man and Guernsey businesses. Close Investment Services will accommodate the investment products under the Isle of Man and Jersey businesses. The Close Trustee Services and the Close Pension Services will house the products from all three jurisdictions in these areas. The Close Custody Service will continue to be based in Guernsey.
The company's aim is for the operations to have been restructured around a client-centric model providing customers with more choice and better access to products and expertise.
Close has operated and has been branded independently until now. Following the consolidation, the group has also strengthened its management structure. Their IT, compliance and marketing functions have also been consolidated.
The CPB Group collectively holds $1bn of cash deposits and manages of $1.5bn of investment assets under administration.
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