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Permanent Bank International confident about continued growth

The continued growth of Permanent Bank International Ltd (PBI) is an example of the increasing strength of the Island’s banking sector. That’s the message from PBI’s Managing Director Carlton Freegard who was commenting after the sector suffered a setback earlier this month with the announcement that the Bank of Ireland Group is to close its Isle of Man subsidiary.

This means that PBI – which is part of the Permanent TSB Group – is now the only remaining Irish banking presence anywhere in the Isle of Man, Jersey, Guernsey and Gibraltar that is still taking deposits and accepting new customers. Mr Freegard said that while he was saddened to hear news Bank of Ireland Group’s plans to close its Isle of Man business, the bigger picture was one of a stable banking sector on the Island – with PBI making its own significant contribution to this more stable mood. He said:

“The decision to close the Bank of Ireland operation on the Island represents a reduction in choice for the consumer which is unwelcome for the sector. However the general picture for the banking sector here is positive. The message to all of our customers, existing and potential, is that PBI is here to stay and is very much open for business. That’s good news for our customers, and for the Isle of Man’s banking sector.”

The PBI Managing Director’s comments were echoed by Niall O’Grady, Permanent TSB Group’s Director of Transactional Banking, Savings and Investments. He said:

“Permanent Bank International Ltd will continue to play an important role within the Permanent TSB Group. The Group’s restructuring plans are well advanced and on target and include a significant contribution from PBI.”

Permanent Bank International employs 11 staff in the Isle of Man, has customers in more than 70 countries, and is part of the Permanent TSB Group which is 99.2% owned by the Irish Government. PBI moved to impressive new premises at Hillary House on Prospect Hill, Douglas, in March this year with the new offices being officially opened in May by His Excellency the Lieutenant Governor Mr Adam Wood. The last few months have seen a steady growth in deposits, a trend fuelled by the launch of new and improved deposit account terms. These include the recent announcement that PBI is now offering its highly competitive Sterling 1 Year Fixed Term Deposit Account rate of 1.85% on balances of £20,000 or more, and a Euro 1 year Fixed Term deposit Account rate of 1.5%. PBI’s full range of deposit accounts are available to personal, corporate, trust, pension and Life Company depositors. PBI’s roots date back to 1884 with the establishment of the Irish Temperance Permanent Benefit Building Society culminating in the launch of Permanent TSB in 2002.

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