“Based consideration of economic viability, UBS Group has decided to decommission the Bahamas subsidiary, UBS Ltd,” the firm said in a statement. 

Working with the Ministry of Financial Services of The Bahamas, UBS said the wind-down process is expected to be completed by the end of the year.

Meanwhile, clients will be offered the option to transfer their assets to other booking centers within the UBS Group or to their preferred service provider, the firm said, adding: “A plan is in place for affected employees, and a considerable number staff will be offered employment in other roles and locations across UBS Group.”