Banks in the Isle of Man

Article bySayantan Mukhopadhyay
Edited byAshish Kumar Srivastav
Reviewed byDheeraj Vaidya, CFA, FRM

Overview of Banks in the Isle of Man

As per Moody’s Investors Service, the rating for the banking system of the Isle of Man has been stable until the mid of 2016. But after that, Moody’s Investors Service changed its rating from stable to negative.

Here are a few reasons for which they have changed their rating for the banking system of the Isle of Man: –

  • Credit risk is correlated between the Isle of Man and the UK. Moody has seen the risk in the light of economic, financial, and institutional linkages.
  • The outlook for the growth of the Isle of Man is quite uncertain.

Additionally, the UK’s exit from the European Union (EU) is quite a setback for the economyEconomyAn economy comprises individuals, commercial entities, and the government involved in the production, distribution, exchange, and consumption of products and services in a society.read more of the Isle of Man.

Structure of Banks in the Isle of Man

There are around 18 banks in the Isle of Man as of now. Of these 18 banks, Conister Bank Limited is the only bank with domestic capital. Other banks are either subsidiaries of foreign banks or the same branches. Most of these foreign branches and subsidiaries are from the UK.

In 2016, the Government of the Isle of Man introduced an “alternative banking regime” to attract and encourage other banks to come to the Isle of Man.

There are three licenses that the Government issued under the “alternative banking regime.”

  • Class 1(1) license to accept retail deposits.
  • Class 1(2) license to accept non-retail deposits.
  • Class 1(3) license is for representative offices of foreign banks. These banks cannot accept deposits from the Isle of Man.

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List of Top 9 Banks in the Isle of Man

  1. Conister Bank Limited
  2. Cayman National Bank & Trust Company (Isle of Man) Limited
  3. Barclay’s Bank PLC
  4. Isle of Man Bank Limited
  5. The Royal Bank of Scotland International Limited
  6. Lloyd Bank International Limited
  7. Santander UK PLC
  8. Standard Bank Isle of Man Limited
  9. Nedbank Private Wealth Limited

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Let us look at each one of them in detail: –

Top-Banks in Isle of Man

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#1. Conister Bank Limited:

Conister Bank Limited is the only bank that has domestic capital. It was established in 1935, around 87 years ago. The headquarters of this bank is located in Douglas. At the end of 2016, the total assets acquired by the bank were $152 million. In the same year, the net profit of this bank was $1.68 million. It provides services and offers financial products to both corporate and private individuals. In addition, it has a depositor scheme that accounts for up to 50,000 British pounds per depositor.

#2. Cayman National Bank & Trust Company (Isle of Man) Limited:

This bank was established in 1985, around 37 years ago. The headquarter of this bank is located in Douglas. At the end of 2016, the total assetsTotal AssetsTotal Assets is the sum of a company's current and noncurrent assets. Total assets also equals to the sum of total liabilities and total shareholder funds. Total Assets = Liabilities + Shareholder Equityread more acquired by the bank were $1.32 billion. In the same year, the net profit of this bank was $10.8 million. It has a license from the Isle of Man Financial Services Authority that offers a whole gamut of products and services to corporate clients and private customers.

#3. Barclay’s Bank PLC:

Barclays Bank PLC of the Isle of Man is the branch of Barclays Bank in the United Kingdom. The headquarter of this bank is situated in Douglas. At the end of 2016, the total assets acquired by the bank were $1,566 billion. In the same year, the net profit of this bank was $5.2 billion. The bank has a license from the Isle of Man Financial Services Authority. Barclays Bank mainly provides its client’s wealthWealthWealth refers to the overall value of assets, including tangible, intangible, and financial, accumulated by an individual, business, organization, or nation.read more management and investment products and services.

#4. Isle of Man Bank Limited:

It is quite an old bank. It was established in 1865, around 157 years ago. The headquarter of this bank is located in Douglas. At the end of 2016, the total assets acquired by the bank were $1,909 million. In the same year, the net profitProfitProfit refers to the earnings that an individual or business takes home after all the costs are paid. In economics, the term is associated with monetary gains. read more of this bank was $10 million. The bank offers a whole gamut of services and products like current and savings bank accounts, financial planning, credit cards, online banking, mortgages, online shares dealing services, etc.

#5. The Royal Bank of Scotland International Limited:

It is relatively a new top bank in the Isle of Man. It was established in 1996, just 26 years ago. The headquarter of this bank is situated in Douglas. This bank has employed around 1,500 employees to serve its customers. The Royal Bank of Scotland International Limited is the offshore banking branch of the Royal Bank of Scotland group. It also operates as a sister bank of Isle of Bank. The bank has a license from the Isle of Man Financial Supervision Authority. It offers a whole gamut of corporate banking, investor services, and treasury.

#6. Lloyd Bank International Limited:

Lloyds TSB is comparatively a new bank. It was established in the year 2013, just nine years ago. However, as of 2015, this bank has employed over 1,000 people in the Isle of Man and the Channel Islands. This bank was first established in Jersey. This bank was first established in Jersey. It has branches in Guernsey and the Isle of Man. It offers a whole gamut of financial products and services like savings and current bank accounts, mortgage, deposit products, loans, asset managementAsset ManagementAsset management is a method of managing funds and investing in both traditional and specialized products in order to generate returns consistent with the investor's risk tolerance. read more services, etc.

#7. Santander UK PLC:

Santander UK plc was established in 2010, just 12 years ago. The headquarter of this bank is situated in Douglas. Santander UK plc is the subsidiary of Santander Group, one of the largest financial service providers in the UK. This bank is also one of the largest bank deposit takers. In addition, it offers many financial products and services under Santander International.

#8. Standard Bank Isle of Man Limited:

It is relatively a new bank on the Isle of Man. It was established in 1992, just 30 years ago. The headquarter of this bank is situated in Douglas. Standard Bank of Isle of Man Limited is the subsidiary of Standard Bank Group Limited based in Johannesburg, South Africa. This bank group has employed around 50,000 employees worldwide to serve its customers.

#9. Nedbank Private Wealth Limited:

This bank was established in 1987, around 35 years ago. When it was established, it was named Fairbairn Private Bank Limited. Later, in October 2012, they changed the bank’s name to Nedbank Private Wealth Limited. Nedbank Private Wealth Limited is the subsidiary of Nedbank Group Limited. This bank provides a lot of products and services to high-net-worth individuals. The focus of this bank is on wealth management services.

We hope you liked this guide to Banks in Isle of Man. Here, we provided the overview of the top 9 banks in Isle of Man, their structure, and their financial status. If you are looking forward to making a career in banking, then you can check out some of the awesome resources: –