The Isle of Man subsidiary of Irish Nationwide managed to increase its deposit base in the jurisdiction by 88 per cent last year with reserves expanding by nearly 20 per cent, according to a recent report.
The bank's business development manager David Fulton told the IoM online that these results were largely attributable to a strategic plan put in place with the aim of increasing local business.
'Particularly successful has been our entry into the non-personal deposit market where we pay the same highly competitive rates that are on offer to individuals,' commented Mr Fulton.
Meanwhile, the building society parent company of the IoM operation also recorded healthy results for 2002, increasing its assets by 28 per cent to EUR5.5 billion. It also experienced a rise in its reserves to EUR438 million, up by 19 per cent.
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