Digital bank CIB, part of investment platform Capital International Group, has been given a provisional banking licence to operate in the Isle of Man by the local regulator.
CIB Limited has been awarded a provisional class 1(2) banking licence. The licence is the first class 1(2) to be issued on the Isle of Man under the Alternative Banking Regime,the group said in a statement.
Under the provisional licence given by The Isle of Man Financial Services Authority (IoMFSA) , the bank has a 12 month period under the framework to move to an unconditional licence at which point it will be able to open accounts and take deposits.
We still have a lot of work to do before we can open the bank, but we are delighted to be the first company to be awarded the class 1(2) provisional licence and we look forward to an exciting future ahead"
CIB will offer services to individual and corporate clients whose liquid assets are in excess of £500,000.
"The provision of core banking services to businesses in the Isle of Man and further afield has been hit hard by some of the traditional banks de-risking and reducing their appetite to provide banking to offshore centres in the past ten years.
"Coupled with the Isle of Man's Alternative Banking Regime, this has created a great opportunity for Capital International to build a new digital bank aimed at qualifying corporate clients and high net worth individuals," Greg Ellison, chief executive officer of IoM-headquartered Capital International Group said.
"We have been working hard for the past couple of years on building the foundations for the bank and have been engaged closely with the Financial Services Authority and with support from the Department for Enterprise we've built the business model around the needs of our target clients, particularly CSPs and professional services firms," he added.
The bank will use leading edge technology backed by a local management team and pragmatic decision making to bring banking back to business.
"We still have a lot of work to do before we can open the bank, but we are delighted to be the first company to be awarded the class 1(2) provisional licence and we look forward to an exciting future ahead," Ellison said.