Abbey to close Inscape Offshore and Jersey trust arm

Abbey National is closing Inscape Offshore and its Jersey-based trust operation in a bid to revamp its offshore division. According to Incisive Research, the firm attributed low global interest rates, poor investment markets and the need to cut costs as the main reasons for its decision. Abbey said it intends to concentrate on its core business of offshore savings, deposit and money transmission accounts to British expatriates and institutional customers. As part of the move, offices in Dubai, Gibraltar, Hong Kong, Portugal, Switzerland and Spain will close alongside its mortgage service. ...