Island to offer new classes of bank licence
A new era for the banking industry in the Isle of Man is fast approaching.
An alternative banking regime will see two new classes of banking licence offered - expanding niche positions in the 'non-retail' sector.
The first is aimed at trusts, corporate service providers, wealthy individuals and start-up companies, who until now have struggled to obtain traditional banking facilities.
The second new licence will allow foreign banks to operate an office in the Island.
Once the regime is approved by Tynwald, a new banking 'sub-sector' will be open for business.
Simon Pickering, head of retail financial services at the Department of Economic Development says they have addressed a gap in the market: