Yesterday, the Isle of Man's Financial Services Authority posted a statement declaring that Barclays Private Clients International had surrendered its operating licence with immediate effect.

Following Barclays's change to a legal entity which transferred offshore businesses in Jersey, Guernsey and the Isle of Man from its private client arm to its general banking division, the bank told this publication there will be no repercussions for clients or employees.

Yesterday, the IoM's Financial Services Authority posted a statement declaring that Barclays Private Clients International had surrendered its operating licence with immediate effect.

Although a notification of this kind would typically indicate that a firm is shutting shop on the island, a spokesperson for Barclays explained to WealthBriefing that is a simple back office process which sees the migration of the Barclays Private Clients International name to Barlcays Bank PLC.

“Barclays has completed a legal entity change to its offshore businesses in Jersey, Guernsey and the Isle of Man,” the spokesperson said, adding: “The change involved the transfer of the businesses from Barclays Private Clients International to Barclays Bank PLC. The transfer is in support of Group strategy to improve capital efficiency and reflects the continued importance of the Offshore business to the Group.”

Despite the change in licensing structure, “there is no material impact on clients or employees,” said the spokesperson.

In recent months, the business has been through a series of restructures which has seen it sell off numerous divisions across the world.

Earlier this month, the bank agreed to sell its French retail, wealth and investment management business to AnaCap Financial Partners for an undisclosed sum. 

In November, the Bank of Singapore completed its purchase of Barclay's wealth and investment management business in Singapore and Hong Kong in deal which brought over $13 billion in assets.