Northern Bank sells off-shore business
The Belfast-based Northern Bank today sold its off-shore banking business in the Isle of Man to the Isle of Man Bank – part of the Royal Bank of Scotland (RBS) Group.
The move was a direct result of last year’s purchase of the Northern – and its National Irish Bank sister in the Republic of Ireland – by Danske Bank in Denmark.
No price has been revealed, but Katherine James, regional manager of Northern Bank, said the company was “delighted” with the deal.
She said the Northern was very proud of the business it had built in the Isle of Man over the years.
However, she said: “Our new parent company Danske has private banking facilities based in Luxembourg and it makes sense to consolidate our activities there.”
The sale involves one branch which was established in 1979 and employs 21 staff.
Geoff Gelling, director of the Isle of Man Bank, said the deal was a positive step for all concerned.
“The Northern Bank business is a good fit with our aim to be the bank of choice in the Isle of Man.
“The business has been well run, has a good customer base and strong relationships. Customers will benefit from the move by having a wider product range available to them as well as a first-class service.”
Northern Bank customers who are not based on the Isle of Man will transfer to the specialist International Personal Banking service run by RBS subsidiary NatWest.
Customers will automatically be transferred in April and both companies are contacting customers to notify them.
