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PBI to close Island branch

Bank will leave IoM by end of 2017

Another bank is set to leave the Isle of Man.

Permanent Bank International is being wound down and closed by its owner, permanenttsb Group.

The group says the decision has been taken following a strategic review of its businesses.

The bank is in the process of notifying all customers of the decision and will start closing their accounts in the near future, completing the process by end of this year.

Group Chief Executive Jeremy Masding says its focus is on growing market share in the Irish retail and SME markets, adding it was a difficult decision to wind down PBI given the long history it has in the Isle of Man.

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