Trust Company (SCTC) to Standard Chartered Bank, which controls the remaining 40 percent of the company.

As a result of the deal, SCTC is to move from Bermuda to the Cook Islands, where Standard Chartered owns and operates its own private trust business.

Standard Chartered said it may return to Bermuda subject to the necessary regulatory approvals.

"The only reason for the move to the Cook Islands was a matter of business strategy in line with Standard Chartered's role as an Asian Pacific bank,'' said a company spokesman.