Standard Chartered confirmed today that its Guernsey trust business has been liquidated following at the bank's request.
In a statement on its website Standard Chartered confirmed today that the royal court of Guernsey liquedated the UK bank's trust business on 19 May.
The Guernsey Financial Services Commission fined Standard Chartered's Guernsey arm £140,000 for what the Guernsey FSC described as "a result of historical failures to meet the minimum criteria for licensing in respect of Schedule 1 of the Regulation of Fiduciaries, Administration Businesses and Company Directors, (Bailiwick of Guernsey) Law, 2000."
Standard Chartered's own statement simply read: "Please be aware that the company no longer offers trust and fiduciary services in Guernsey."
Standard Chartered, while headquartered in London, has its main markets in Asia, the Middle East and Africa.
