The Isle of Man Bank has responded to concerns from a reader about its changing legal entity.

It announced in September 2018 that it intended to change the Isle of Man Bank from its current legal entity, Isle of Man Bank Limited, to RBS International Limited trading as Isle of Man Bank.

The reader’s letter, which appeared in last week’s Manx Independent, reads: ’I was initially distressed to realise that Isle of Man Bank Limited - established in 1865 and the No. 1 company on the Companies Register in the Isle of Man - was to lose its identity.

’However when I looked into the matter further I discovered that RBSI is based in Jersey.

’So it is my understanding that whilst Isle of Man Bank accounts will "stay in the Isle of Man" and "there are no changes to products or services as a result of the transfer" that will be all of the former iconic Isle of Man Bank Limited that will remain in the Isle of Man.’

An Isle of Man Bank spokesman, who is based in Jersey, said: ’While we are proposing to change our legal entity from Isle of Man Bank Limited to RBS International Limited trading as Isle of Man Bank, there will be no changes to the products and services we deliver, or where these services come from.

’There will also be no change to the Isle of Man Bank brand. Customers’ accounts will stay in the Isle of Man and there will be no changes to account numbers or sort codes.

’Customers will still be able to: use existing cards, cheque books and online/mobile banking services; pay in and withdraw money as they do today and there will be no changes to payments set up on their accounts.

’For colleagues, there will be no changes to their employing entity, terms and conditions of employment or salary and benefits as a result of this proposed change.

’The proposed changes will streamline our bank and allow us to continue investing in Isle of Man Bank and our brand, products, services and our customers.’

Our letter writer said that she thought that once Isle of Man Bank Limited ceased to exist so would publicly available audited accounts.

The spokesman said: ’The audited financial statements of The Royal Bank of Scotland International Limited are already publicly available and published on our website, and going forward these will include the Isle of Man Bank business.’ He added: ’The Isle of Man Bank business will not appear separately in these accounts.

’The legal entity Isle of Man Bank Limited (Company 1C) due to be renamed Tilba Limited, will no longer be a regulated entity or licensed by the FSA so will conform to Isle of Man companies law (as a limited company which is non trading) for annual reporting.’

He said that, not only products and services of Isle of Man Bank would remain, but also its presence on the High Street through the Isle of Man Bank branches.