The Isle of Man’s personal banking industry has been dealt another blow.

The Permanent Bank on Prospect Hill, Douglas, is to shut.

Permanent TSB Group says it recently concluded a strategic review of its businesses, including Permanent Bank International Ltd (PBI).

A statement reads: ’Following the review, a decision has been taken to close PBI and begin an orderly wind-down process of the business.

’The bank is in the process of notifying all customers of the decision and will start closing their accounts in the near future and will complete the process by end of 2017.

Jeremy Masding, group chief executive, said: ’The group’s focus is on growing market share in the Irish retail and SME markets.

’It was a difficult decision to wind down PBI given the long history it has in the Isle of Man and I would very much like to thank our excellent management team and staff for their contribution to the business.

’I would also like to take this opportunity to thank all of our customers for their ongoing support over the past 24 years.’

The bank said it would not elaborate on its statement, so we don’t know how many people will lose their jobs.

A number of similar businesses have shut in recent years. Nationwide’s Manx operation will shut for good on June 30, for example.