First Deemster Andrew Corlett has said there is a ’sense of sadness’ at the disappearance of Isle of Man Bank Limited.

The company, which was registered as the number one registered Isle of Man company, has ceased to exist as owner RBSI reorganised its business in the island.

RBSI has said that the changes would ’ensure its operations are more efficient and sustainable’.

All of the business of Isle of Man Bank Ltd has been transferred to RBSI’s island branch, which legally occurred at 12.01am on Tuesday, with RBSI stating it would ’essentially be business as usual’ with ’no material change in the products or service levels provided’.

It was revealed during the chancery procedure hearing that the Isle of Man Bank would surrender its deposit-taking and investment business licences and its registration as an insurance intermediary.

Deemster Corlett said that in sanctioning the scheme, there ’will be a sense of sadness perhaps at the disappearance of Isle of Man Bank Ltd’.

RBSI will be trading under the Isle of Man Bank name, so the signs on the banks and logos on cheque books and bank cards will not change.

Last week, the Isle of Man Examiner reported readers’ concerns over the matter.