The United Kingdoms third largest bank, Lloyds TSB, is set to shut down its offshore interest in the Bahamas. The investment and fund management component of the company is deemed too small to compete.
Over the next few months’ clients will be transferred as the Nassau-based operation is gradually phased out.
Clients will be moved to either existing offices in the Channel Islands or transferred to Panama, Miami or Geneva.
The closure follows that of UK mortgage bank, Northern Rock, who shut their operations in the Bahamas due to a lack of interest from
Abbey National is also reviewing the future of its offshore operations.
The closure of Lloyds Bahamas branch should not effect that many jobs in the bank.