British banking group Barclays is set to shut down its remaining operations in Gibraltar, ending a presence of 127 years in the region.
The move, part of the bank’s broader restructuring and simplification plans, would lead to 16 redundancies.
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Barclays Corporate & International director Nigel Riley said: "As part of a continuing drive for simplification and in line with Barclays strategy as outlined by our CEO in March 2016, we have reviewed our local operating model for the business in Gibraltar."
The bank has been reducing its operations in the territory since 2014, but retained a team of 16 to oversee a small operation for large companies and the super wealthy.
However, the bank said that it will meet the needs of its Gibraltar customers and clients with a service based in London.
Most of its Gibraltar clients have bank accounts in London and Jersey and will continue to receive banking services, the bank added.
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By GlobalDataIn addition, Barclays has also made the decision to shutter all of its offices in Cyprus due to a ‘strategic restructuring and simplification of the Barclays Group’.
The move follows Barclays’ departure from Spain and Portugal, as part of its plan to exit non-core assets, which also includes the entirety of its African operations.
