Bank in the Isle of Man
The
Isle of Man Bank
is a bank in the British
Crown dependency
of the
Isle of Man
, providing retail, private and business banking services to the local population. Incorporated in 1865, it has operated as a trading name of
RBS International
since 2019. It is licensed by the Isle of Man Financial Services Authority in respect of deposit taking and investment business and registered as a general insurance intermediary.
History
[
edit
]
The earliest Manx bank began business in 1802 at Bridge House,
Castletown
. Formed by George Quayle,
Mark Quayle
, John Taubman and James Kelly, it was also known as the Isle of Man Bank.
[1]
The company carried on trading until 1818.
[2]
Founded by
Samuel Harris
,
Henry Noble
, William Moore and
William Callister
,
[3]
the Isle of Man Banking Co. Ltd. was established at Athol Street, Douglas on 26 October 1865. It was the first limited liability company enrolled on the register following the passage of the Companies Act 1865. The bank was acquired by
National Provincial Bank
in 1961 and became a subsidiary of
National Westminster Bank
upon the merger of National Provincial with
Westminster Bank
in 1968, joining the Royal Bank of Scotland Group in 2000, when NatWest was acquired by the smaller Scottish bank.
[4]
RBS Group was renamed
NatWest Group
in 2020.
On 21 May 2019, the High Court of Justice of the Isle of Man granted approval to transfer the business and undertakings of Isle of Man Bank Limited to the Isle of Man branch of The Royal Bank of Scotland International Limited (trading as Isle of Man Bank); these changes came into effect on 28 May 2019.
[5]
Services
[
edit
]
As of 2023 the bank has four branches on the island:
Douglas
Athol Street,
Douglas
Regent Street,
Ramsey
, and
Port Erin
. There is also a mobile branch named
Penny
, which visits places on the island that do not have a branch, including
Kirk Michael
,
Laxey
,
Onchan
,
Ballaugh
, Cooil Business Park (
Braddan
) and
Ballasalla
.
The Isle of Man Bank handles the issuing and management of Manx banknotes on behalf of the
Isle of Man Government
.
The Isle of Man Bank has closed several branches since 2000. These include the branches at
Kirk Michael
(closed 2012),
Laxey
sub-branch (closed 2013),
Ballasalla
,
Onchan
and Prospect Terrace in Douglas (closed 2015),
[6]
and
Castletown
and
Peel
(closed 2021).
[7]
Isle of Man Bank is a member of the Isle of Man Depositors’ Compensation Scheme as set out in the Depositors’ Compensation Scheme Regulations 2010.
See also
[
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]
References
[
edit
]
- ^
Journal of The Manx Museum, Wednesday, September 01, 1937; Page: 16
- ^
Isle of Man Daily Times, Tuesday, January 17, 1961; Page: 3
- ^
Mona's Herald.
Wednesday, 14.06.1905 Page: 7
- ^
Isle of Man Bank
NatWest Group, Heritage Hub (retrieved 19 August 2020)
- ^
Notification of changes to Isle of Man Bank Limited
Isle of Man Bank, February 2019
- ^
"Isle of Man bank to close branches in Douglas, Onchan and Ballasalla"
.
BBC News
. 7 October 2014
. Retrieved
3 March
2023
.
- ^
"Isle of Man Bank to close two branches as more customers move online"
.
BBC News
. 10 September 2020
. Retrieved
3 March
2023
.
External links
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Retail banking
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Private banking
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Investment banking
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Asset finance
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Former businesses
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RBS
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Retail banks
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Board of directors
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