Isle of Man Bank to close two branches as more customers move online

The Peel branch of the Isle of Man bank is one of two closing on 7 January

Isle of Man Bank has announced it will close two branches due to more customers doing their banking online.

The bank, which is owned by Royal Bank of Scotland International (RBSI), will close outlets in Peel and Castletown on 7 January.

RBSI chief executive Andrew McLaughlin said the organisation needed "to move with the times".

But Geoffrey Boot MHK criticised the bank for making the decision "without any consultation or prior notice".

RBSI said it would be starting a voluntary redundancy scheme as a result of necessary job losses created by the move.

Peel Commissioner Ian Davison said the loss of its bank would be a "nail in the coffin" for the town in attracting businesses to the area.

A walk-in bank was a deciding factor for many firms and other branches were either too far away or "a nightmare to get into", he told the Local Democracy Reporting Service.

The organisation's four other branches in Douglas, which has two, Ramsey and Port Erin will remain open.

David Parnell, chairman of Castletown Town Commissioners said he was "deeply concerned" and the authority would work to "minimise the impact".

An online petition against the move has so far received more than 100 signatures.