Here are the best banks in the Isle of Man for expats.
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Overview of Banks in the Isle of Man
The banking industry in the Isle of Man is robust and varied, providing consumers with a wide range of services. The country’s banking sector is robust and stable, and they have adapted to changes in the global industrial scene. It has been nominated for the 2019 Citywealth International Finance Centre honours for “International Finance Center of the Year.” On lure banking activities to the island, the bank launched the Alternative Banking Regime (ABR) Framework in 2016.
The Isle of Man Financial Services Authority is the country’s regulatory authority in charge of overseeing all financial activity. The Isle of Man Bankers Group is the country’s trade association for the banking business, with the main goal of representing the interests of industry and licence holders on the Isle of Man.
The financial industry is a significant contributor to the Isle of Man’s GDP and the island’s largest employer. The Isle of Man’s credit rating was last assigned at Aa2 with a stable outlook by Moody’s. Banks in the Isle of Man offer a variety of services like as deposits, treasury services, trust and corporate services, foreign exchange, mortgage, wealth management, and commercial financing assets among others.
Alternative Banking Regime in the Isle of Man
The Isle of Man currently has only 18 banks. The government established the “Alternative Banking Regime” in 2016 to stimulate the establishment of new banks on the Isle of Man. The new regime divides deposit-taking permits into three categories:
- A Class 1 license permits banks to accept any retail deposit.
- A Class 2 license permits banks to accept non-retail deposits, allowing them to provide services to a relatively limited group of persons and companies.
- A Class 3 license is reserved for international banks’ representative offices that do not take deposits in the Isle of Man.
Conister Bank Limited is the sole bank in the Isle of Man with indigenous capital; the remainder are foreign-controlled, such as branches and subsidiaries of foreign banks, with the majority of banks originating from the United Kingdom.
According to Moody’s, the Isle of Man’s banking system outlook was altered from stable to negative in October 2020. Moody’s also lowered the Government of the Isle of Man’s (IoM) long-term issuer and senior unsecured bond ratings from Aa2 to Aa3.
The news follows Moody’s recent downgrading of the Government of the United Kingdom’s (UK) government bond ratings from Aa2 to Aa3, with a change in outlook to steady from critical.
In this context, the downgrading of the IoM’s ratings reflects Moody’s belief that the UK’s sovereign credit trend continues to have a major influence on the IoM’s credit profile due to the two jurisdictions’ strong and meaningful institutional, economic, and financial ties.
10 Best Banks in the Isle of Man for Expats
1. Conister Bank Limited
Conister Banks is the sole independent bank in the country. It first opened its doors in 1935. The Isle of Man community’s financial needs and goals are the bank’s primary emphasis. Banks provide both commercial and individual customers services such as savings, personal loans, and asset financing.
Retail financing, small company finance, agribusiness finance, and professional practice loans are also offered by the bank. The bank earnings climbed by 78 percent for the first six months of 2018 compared to the same period in 2017.
2. Isle of Man Bank Limited
It was the first corporation to be formed on the Isle of Man, having been founded in 1865. The bank has 11 locations throughout the island and provides a wide range of goods and services such as daily banking, savings, mortgages, loans and housing, and vehicle insurance.
Banks also provide services such as retail banking, commercial banking, private banking, international banking, deposit, and so on. The bank’s revenue climbed by 2% in 2018 over 2017.
3. Cayman National Bank (Isle of Man) Limited
Cayman National Bank has its headquarters in the Cayman Islands, and the company offers a variety of banking, wealth management, and custody services in the Cayman Islands and the Isle of Man.
Retail banking, international banking, deposit, loan, commercial and private banking, treasury services, and other services are also available. It is one of the Cayman Islands’ major retail banks, having the largest branch and ATM network. According to the depository Scheme regulations 2010, the bank participates in the Isle of Man Depositors Compensation Scheme, and the bank is regulated by The Isle of Man Financial Services Authority.
4. Lloyds Bank International Limited
Lloyds Bank International Limited is a subsidiary of the Lloyds banking company that began operations in the Isle of Man in 1897. Banks provide a wide range of goods and services, including everyday banking, savings, mortgages, and loans.
Through its top banking team, the bank also provides relationship management services. The bank has six branches, including its headquarters in the Isle of Man. As of May 2018, Moody’s classified the bank as a lower medium grade. The bank is also licensed by the Isle of Man Financial Services Authority.
5. Barclays Bank Plc Isle of Man Branch
Barclays has been in business for 325 years and employs around 130,000 people in 40 countries. Barclays Bank PLC and its associated firms provide wealth and investment products and services. Personal banking, services for small and medium-sized businesses, local corporations, captive insurance, fund managers and administrators, and other services are available from the bank.
The bank has been in operation on the Isle of Man for almost 100 years, serving premier banking customers, personal banking customers, associations, non-profits, SMEs, and multinational corporations. This bank has three locations: 1) Douglas, 2) Ramsey, and 3) Castletown.
6. Nedbank Private Wealth Limited
Investment management, private banking, and fiduciary services are offered by Nedbank Private Wealth to a diverse spectrum of customers, including private individuals, non-trading firms, governments, trusts, and institutional investors.
The bank has combined specialty and niche services with wealth management. The bank began operations in the Isle of Man in 1987, 32 years ago, and was known as Fairbairn Private Bank Limited at the time. In 2012, the name of the bank was changed to Nedbank Private Wealth Limited.
7. Standard Bank Isle of Man Limited
It was founded in 1992 and is regulated by the Isle of Man’s Financial Supervision Authority. Private banking, commercial banking, retail banking, international banking, treasury services, lending, investment services, deposit, and so on are all services provided by banks.
Standard Bank Isle of Man Limited is a subsidiary of Standard Bank Group Limited, a South African corporation governed by the South African Reserve Bank. On the island, the bank employs around 100 personnel who are dedicated to meeting the requirements of private banking customers and business clients.
8. Royal Bank of Scotland International Limited
RBS International Limited is the RBS group’s offshore banking subsidiary, which began operations in the Isle of Man in 1996 and is headquartered in Douglas. Commercial banking, deposit, treasury services, investment services, corporate and real estate financing, lending, and other services are provided by banks.
The Financial Supervisory Authority of the Isle of Man has granted RBS International Limited a license. RBS International, Isle of Man Bank, NatWest International, and Coutts Crown Dependencies are the four brands under which the bank operates. A bank employs around 1500 people.
9. HSBC Bank Plc
HSBC is one of the world’s major banking and financial services companies, employing about 300,000 people across 7,500 branches in 87 countries.
HSBC Bank Plc provides wealth management, retail banking, commercial and corporate banking services to the local market. Banks also provide services such as deposit, lending, and treasury management. The Isle of Man has only one branch, which is located in Douglas.
10. Santander UK PLC
Santander UK PLC was established in 1990, with its headquarters in Douglas. Santander UK PLC is a subsidiary bank of the Santander group, one of the leading financial service providers in the United Kingdom.
Retail banking, worldwide corporate banking, commercial banking, and other services are provided by the bank. The bank took part in the Isle of Man Deposit Guarantee Scheme.
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