An island bank is celebrating its fifth anniversary.

Capital International Bank, which is based on Circular Road, officially launched as a licensed bank in the Isle of Man in 2021.

When it launched it was the first new bank to open in the island in more than 30 years and the island’s first digital-only corporate bank.

A spokesperson for the firm said: ‘The bank’s foundations were laid following the Isle of Man Government’s introduction of the Alternative Banking Regime (ABR) in 2016, which opened the door to a new type of bank operating under a modern regulatory framework.

‘The ABR was a ground-breaking step for the government to specifically address the constraints in access to corporate banking, particularly for strategically important industry sectors.

‘Capital International Bank began its application and development phase in 2017 and received a provisional Class 1(2) banking licence in 2019, which permitted it to commence the build-out phase of the bank.

‘On May 21, 2021, Capital International Bank achieved a major milestone when the Isle of Man Financial Services Authority lifted the provisional restrictions and permitted the bank to officially commence operations as a Class 1(2) bank.

‘This followed more than four years of planning, development and testing, and an investment of approximately £14 million to build the bank from the ground up.

‘Capital International Bank remains the only bank on the Isle of Man to hold this licence.’

In 2023, the bank achieved its first year of profit, alongside receiving authorisation from the South African Reserve Bank Prudential Authority to operate a representative office in South Africa, supporting its growing international presence.

Prior to launch, the bank received a grant from the Department for Enterprise to support the establishment of the business, based on projected job creation to generate additional employment tax and national insurance revenue for the Isle of Man Treasury.

Since its launch, the bank says it has generated approximately £6million in direct government revenue and, by the end of 2025, employed 58 people, exceeding the agreed grant requirements.

Now, in 2026, Capital International Bank reaches its five-year milestone with total direct client deposits and fiduciary deposits exceeding £450 million (in currency equivalent).

Commenting on the anniversary, Werner Alberts, managing director of Capital International Bank, said: ‘Reaching five years in business is a meaningful milestone for the bank and is a testament to the trust our clients place in us, the dedication of our people, and the robust regulatory framework of the Isle of Man.

‘Since launch, we have been focused on delivering a consistently high standard of client service and on building relationships founded on trust and longevity.

‘Those values continue to shape our approach as the bank moves forward.’

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