Offshore

Allied Irish Banks Plans To Shut Down Isle Of Man, Jersey Operations

Max Skjönsberg London 11 April 2012

Allied Irish Banks Plans To Shut Down Isle Of Man, Jersey Operations

Allied Irish Banks is set to wind down its subsidiaries in the Isle of Man and Jersey, where the group employs close to 170 people, over the next two years.

AIB also said that a consultation period with staff will begin immediately, and that customers of the subsidiaries will be contacted shortly to discuss future arrangements. The bank employs 114 and 56 staff members in the Isle of Man and Jersey, respectively.

The bank said in a statement that the decision is part of an ongoing strategic review and forms part of its overall plan to become a smaller, domestically-focused bank. At the start of March AIB, which has been majority-owned by the Irish government since 2010, announced plans to slash 2,500 jobs, half of which are scheduled to be cut during the course of the current year.

“Ongoing uncertainty in financial markets since 2009 has had implications for the business and created difficulties that challenge the viability of the offshore business model for AIB,” Joe Moynihan, AIB Jersey & Isle of Man chief executive, said in a statement.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes