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Clydesdale International closing


Doodle

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Hello Forum Members,

Just found this on the Telegraph ex-pat and thought I would post it here for anyone who may have not yet seen it and for whom it may affect.

"Clydesdale International has closed for new savers – and its existing savers will soon find out how they will be given their marching orders.

This latest closure is another blow to expatriate savers who in the past few years have seen the number of banks willing to take new savers drop dramatically. And it's unlikely to be the only one to close down this year."

Chris
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The problem for many offshore banks who traditionally target expats, is that with such low interest rates it is impossible to make money from providing deposit and current account services, and their ability to loan deposits up to the banking parent to fund lending, which was the traditional model, is being curtailed by the regulators to protect against future bank failures.
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