The acquisition of by Standard Chartered Bank of Grindlays Bank from the Australia and New Zealand Banking Group (ANZ) completed last week, a deal which includes the associated Grindlays private banking business. The US$1.34 billion transaction is widely expected to strengthen the Jersey operations of Standard Chartered, which already provide a range of services including private banking, online banking and investment services.
Alongside integrating the Grindlays private banking operations into its own, Standard Chartered (CI) Ltd is to undergo a major restructuring programme, although no jobs are expected to be lost in Jersey. Standard Chartered (CI) Ltd employs 201 people in Jersey whilst Grindlays employs 139 – 88 in private banking and 51 in trust and company operations. Chris Dickinson, the managing director of Standard Chartered (CI) Ltd, said: ‘We are in the fortunate position of never having to look to make redundancies in Jersey.’
Commenting on the deal itself, Mr Dickinson said it represented a great opportunity of Standard Chartered in Jersey: 'The Grindlays Private Bank Private Bank business is a perfect fit with the Standard Chartered strategy, and together we are able to strengthen our product range and sales capability in our key markets. Specifically, in a restricted local employment market, it also adds essential additional resources to help improve customer service quality and overall service levels. Added to this, we gain a Swiss booking centre capacity in Geneva and a full range of trust products here in Jersey.’
The new business is called Standard Chartered Grindlays Bank (Jersey) Ltd. It will operate alongside the existing Standard Chartered Bank (CI) Ltd business whilst final integration plans are drawn up.
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