Close Brothers Cayman includes trust, fiduciary services, fund administration and banking operations.

The transaction, which remains subject to regulatory approvals, is also adjustable by reference to the net asset position of the business at the time of completion, Close said in a statement.  

The disposal of the Cayman unit, which the firm said was part of a plan to focus on its core businesses in the UK, follows the group’s recent announcement of the sale of its UK offshore business to Kleinwort Benson.

Close Brothers owns 85 per cent of the Cayman Islands trust, fiduciary services and fund administration business and 100 per cent of the banking business and is selling its entire holding.

The sale is expected to complete by the end of the current financial year. On completion the group will receive approximately £18.1 million in cash, expecting to record a loss on disposal of approximately £0.4 million including the costs of sale.

The firm said the transaction would have a “small dilutive” impact on the group’s earnings in the financial year to 31 July 2012.

“The international cooperation of the Intertrust group will assist us in capturing new opportunities for our clients and employees,” said Linburgh Martin, managing director of Close Brothers Cayman.