The Bank of Ireland International (Isle of Man) and its sister company, offshore Internet bank F Sharp, have announced plans to merge under the new brand name of Bank of Ireland F Sharp.
According to an article carried by the Isle of Man business Internet service, managing director of both banks, Roly Alden said: 'We see this as a natural progression to our offshore business. We have written to all our clients, the response has been great - 95 per cent of those who responded have been more than happy to go along with it.'
An official announcement on whether or not the plans will go ahead will be made early next month in order to allow the banks' customers sufficient time to respond to the proposal. 51% of them must agree to the merger before it can go ahead.
Mr Alden explained that the banks' decision to become one followed a strategic review of their operations which found that the two banks had become too similar.
The move will allow customers of the Bank of Ireland to become 'e-enabled.' Mr Alden said: 'We want to give our clients the best service and multi-channel delivery that we can with the best products we can.'
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