MONTREAL - Royal Bank of Canada said it will consolidate all its offshore U.K. private banking business in the Channel Islands, closing its facility on the Isle of Man.

The bank said an increased availability in Guernsey of local qualified staff, as well as new premises and higher capacity systems, now make it possible for Royal Bank's subsidiary, RBC (Channel Islands) Ltd., to handle all of its offshore U.K. private banking business from one location.

It said about six of its 46 Isle of Man employees will be retained.

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