Van Lanschot, the Dutch private bank, has agreed to sell its banking activities in Curacao and its trust activities in the Netherlands, Curacao and Jersey to United Bank & Trust for an undisclosed sum.

United Bank & Trust is based in Curacao, a former Dutch colony in the Caribbean.

Van Lanschot said in a statement that it is looking to serve its international private banking clients from one central location in Switzerland. The transfer of the trust businesses stems from Van Lanschot’s decision to focus exclusively on private banking, as it does not consider trust services to be a part of that focus.

This publication reported yesterday about the Dutch bank’s intention to speed up cost saving plans, which will see a staff reduction of between 10 and 15 per cent over the next three or four years.

United Bank & Trust is using its own funds to purchase the shares and the deal is said to have virtually no impact on the solvency and liquidity of bank.

Van Lanschot employs 21 people in Curacao and 18 in its trust business, and the aim is that all of them will transfer to their new employer.  

The two parties intend to finalise the actual transfer on 31 May 2012 and the acquisition is subject to the approval of the supervisory authorities.