IRISH Nationwide (IOM) Limited has been rebranded as Permanent Bank International Ltd.
The new bank, based in the heart of the island’s financial sector on Athol Street, Douglas, was formed following the acquisition last year of Irish Nationwide by Irish Life and Permanent - which trades as Permanent TSB in Ireland.
Carlton Freegard, managing director of Permanent Bank International Ltd, said: ‘We are proud to announce the establishment of the Permanent Bank International brand in the Isle of Man.
‘The change of name not only reflects our new ownership, but represents a new and exciting development for the bank, its customers, and the island.
‘We will draw upon our heritage and combine the best values of the mutual with those of the private bank.’
Permanent Bank International Ltd is based on the second floor of Britannia House, Athol Street, and employs 11 staff, many of whom have been with the bank for more than a decade.
David Fulton, business development manager at Permanent Bank International, said: ‘The bank may be a new name and a new brand, but our staff have a wealth of experience in banking in the island. We have an excellent team of client focused staff, each with their own clients.
‘My colleagues in the client relations team look after the majority of our personal depositors, whereas my main responsibility is to develop relationships with the local professional adviser community along with corporate and trustee depositors.’
Permanent Bank International Ltd is a specialist international savings and deposit bank offering competitive sterling and euro accounts for up to five years. The Irish State is the major shareholder of the Irish Life and Permanent Group. Recent International Monetary Fund publications continue to recognise the significant progress which Ireland has made over the past two years and has praised Ireland’s ‘strong programme implementation’.