BBVA Privanza Jersey says the move is ‘part of a restructuring of its European private bank operations’.
The banking, investment and trust business (including the Canal Trust operation) conducted from the Mulcaster Street premises will cease by the end of this year.
Some staff will be offered relocation within the group, although the number has not yet been finalised.
BBVA says redundancy and outplacement support will be provided.
In a press statement issued by lawyers Carey Olsen, the bank says: ‘The closure decision has been taken reluctantly as, not least, the Jersey subsidiaries have operated successfully and profitably throughout their 25 years of operation in Jersey.
