CHANNEL ISLANDS - Gordon Fitzjohn, global head of corporate services at Deutsche Bank International Ltd., the group’s arm that provides offshore banking and financial services capability, is to retire after 25 years with the bank.

An official for the division declined to comment on whether a successor for Fitzjohn has been appointed.

In its annual report, published last March, the unit posted a profit of more than 16 million pounds (22.8 million euros) in 2003, compared with 21 million pounds in 2002.

Total assets amount to about 3.1 billion pounds while liabilities are a little over three billion pounds.

Deutsche Bank's Offshore Group employs more than 420 people

The principal lines of business within the Offshore Group are offshore banking, treasury services, global custody, investment and fiduciary services, corporate series and e-banking.

Deutsche Bank International Ltd. currently holds assets of 12 billion euros under custody, most of which is sourced from financial institutions, corporates and intermediaries as well as from within the Deutsche Bank network.