Nationwide International is to close its Isle of Man operations next year with the possible loss of around 70 jobs, it has been announced.
In a statement Nationwide Building Society said it is proposing to close its Nationwide International business based on the Isle of Man in 2017.
The premises are in St George’s Street, Douglas, just off Athol Street.
The decision was said to have been made as part of a regular review of all its operations to ‘ensure it delivers the best value to its membership.’
Chris Rhodes, executive director, group retail at Nationwide, said: ‘We continually review all our operations to ensure our business is run in an efficient way that delivers the best possible value to our members.
‘This was not an easy decision and it was only taken after much careful thought and consideration for our customers and employees.
‘The proposal to close Nationwide International is based on a number of factors including demand from customers for its services, volumes of current business, ongoing running costs and its contribution to the wider Nationwide business.
‘As a result, regrettably, it is no longer sustainable for us to continue to operate Nationwide International.’ The Society is supporting its employees through this period of change and will be consulting fully with them and the Nationwide Group Staff Union.
Around 70 Nationwide International employees will be affected by the proposal.
Mr Rhodes added: ‘The welfare of all our employees on the Isle of Man is very important to us and we are doing everything we can to support those employees and minimise the impact on those affected. We also understand this will also impact our Nationwide International customers and we will be writing to them in the future to notify them of the decision and outline how this will affect their accounts.’