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Lloyds TSB To Close Manx Private Banking Arm

by Amanda Banks, Tax-News.com, London

16 December 2002


It emerged last week that Lloyds TSB will be closing its international private banking and trust operations on the Isle of Man, although according to reports in the local media, there will be no redundancies as a result of this decision.

Reporting following last week's announcement, the Isle of Man Online news service revealed that over the next three months, international private banking accounts will be transferred to the bank's Jersey and Guernsey operations, and trust cases will be moved to Guernsey and Gibraltar. Local staff will be offered alternative employment within the group on the Island.

Speaking to the IoM Online with regard to the bank's decision, Treasury Minister, Allan Bell observed that:

'It is always disappointing to see any business move off the Island, especially at the moment when another bank is in the process of setting up its headquarters here. But Lloyds TSB has been restructuring recently and it is not surprising that they would wish to consolidate business in one place, it is just disappointing that in this instance it is not the Isle of Man.'

Director of the Manx branch of Lloyds TSB, Tony Wild explained last week that the move was designed to reduce 'unnecessary duplication', and was part of a wider restructuring initiative.


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