The Bank of Ireland is set to cease its operations in Isle of Man by the end of August 2014, as the bank turns its focus on strengthening core businesses in the UK and Irish markets, reports International Adviser.
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The bank said that its decision to leave the Isle of Man followed a strategic review, and that it was currently engaged in a consultation process with its employees on the island. Currently, about 25 employees work in the IoM branch of the bank.
"As a result of this decision, the bank is no longer accepting any new deposits or new customers. While there will be no immediate change to the customer’s terms and conditions, all customers will be contacted in the next few weeks with more details on how this will impact them," said by the bank in a statement.
