Britannia’s three branches to close by end of the summer

Britannia International in Douglas

Britannia International in Douglas

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Dates have been set for the closure of the island’s branches of Britannia International.

In a letter to Britannia’s 16,000 customers, 40 per cent of whom are local, Britannia announced Port Erin and Ramsey branches will close first on June 27.

Then the Douglas branch, in Athol Street, will close on August 29.

The letter, sent from managing director Colin Mitchell, said: ‘We apologise for any inconvenience that the closure of our branches may cause you, however, by notifying you of these changes at the earliest opportunity, we have aimed to provide toy with sufficient time to make alternative banking arrangements.

‘Our branches will remain open until the dates specified, subject to the limitation of banking services after May 30, 2014.’

Parent company The Co-operative Bank announced in January that the business would be gradually wound down over the course of this year, with the loss of 31 jobs.

Responding to the announcement, Chief Minister Allan Bell said it was ‘very disappointing news but not unexpected’.

A major review concluded The Co-operative Bank’s merger with the Britannia building society in 2009 should probably not have taken place.

The report, by former top UK civil servant, Sir Christopher Kelly’, blamed the deal for the bank’s near-collapse last year. His report states both companies had problems that were exacerbated by the merger.

It also points to failings in management and governance ‘on many levels’.

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