Notification Of Changes | NatWest International

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Planned changes to Isle of Man Bank

We'd like to make you aware of our intention to change the way our Isle of Man Bank business is structured

What's happening?

We intend to move the Isle of Man Bank business from its current legal entity, Isle of Man Bank Limited, to the Royal Bank of Scotland International Limited ("RBS International"). Both of these entities are wholly owned by The Royal Bank of Scotland International (Holdings) Limited which in turn is wholly owned by The Royal Bank of Scotland Group plc ("RBS Group plc").

Making these changes allows us to simplify our bank. Our plans are subject to approval from the Isle of Man Financial Services Authority (FSA), the High Court of Justice of the Isle of Man and various other bodies.

If all parties approve the Scheme, the Transfer will take effect from 00.01am on 28th May 2019 (the "Effective Date").

How does this impact you?

From the Effective Date, your account(s) and any products and services customers have with Isle of Man Bank will move to the Isle of Man branch of RBS International Limited.

They will be owned, managed and serviced by RBS International Limited trading as Isle of Man Bank and the business in the Isle of Man will still be regulated by the Isle of Man FSA.

Accounts and services

Customers can still use the same bank accounts they have today with no changes to account number(s) or sort code(s). Customers can continue to use the same cards, cheque books and paying-in books. No new cards, cheque books or paying-in books will be issued as a result of the proposed Transfer.

 

There will be no changes to products and services. This includes online/mobile banking services. There will be no changes to existing Gold account customer benefits such as travel insurance.

 

Interest rates, tariffs and charges won't change as a result of the Transfer but may vary before and after in line with standard business practice. There are no planned changes to Terms and Conditions (Terms), but these may vary before and after the Transfer in line with standard business practice.

Our brand and contacts

We'll continue to trade in the Isle of Man as Isle of Man Bank so customers won't see any changes to the brand.

To find out more about how the proposed Transfer may affect your banking arrangements please read our Customer Guide and Notice Of Transfer Of Business.

You can also download copies of our customer correspondence for new customerspersonal customers and non-personal customers.

What happens next?

We've applied to the High Court of Justice of the Isle of Man for approval of the Scheme.

The Court hearing is expected to take place at 10am on 21st May 2019 at the High Court of Justice of the Isle of Man, Deemsters Walk, Bucks Road, Isle of Man, IM1 3AR.

If the Court approves the Scheme at this hearing, we'll transfer the business of Isle of Man Bank Limited to the Isle of Man branch of RBS International Limited trading as Isle of Man Bank on the Effective Date - 00.01am on 28th May 2019.

If there are any changes to the time or date of the Court hearing or Effective Date, we'll publish these on our website.

We'll keep you informed throughout this journey and let you know the outcome of the Court hearing by updating our website.

Ways to make your views known

If you think you'll be adversely affected by the Scheme, you have the right to object and have this objection considered by the Court. You can make your views known by objecting in writing by 14th May 2019 or by attending the Court hearing either in person or through representation by an advocate (at your own cost).

All correspondence about the Scheme should be sent to:

Isle of Man Bank, Transfer Proposal, 2 Athol Street, Douglas, Isle of Man IM99 1AN

In writing

You can write to us clearly stating your reasons for objecting and why you think you’ll be adversely affected by the Scheme. Your objection and how it’s been handled will be drawn to the attention of the Court.

If objecting in writing please ensure:

  • You mark your letter "Transfer Objection – NOT ATTENDING HEARING"
  • Your letter reaches us at the address before 14th May 2019

Attending Court in person

Alternatively, you can attend the Court hearing in person or be represented by an advocate (at your own cost).

If you plan to appear at the hearing please:

  • Register your intention to attend by writing to the address by 14th May 2019
  • In this letter, clearly state your objection and why you think you'll be adversely affected
  • Mark your letter "Transfer Objection – ATTENDING HEARING"
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