Santander’s business on the Isle of Man

| February 3, 2014 | 0 Comments

Santander UK plc has announced to its staff on the Isle of Man that substantial progress has been made in the creation of Santander’s new International Banking centre, in Douglas. The objective of the transformation is to provide a sustainable retail and wealth focussed business supporting a Manx, UK non-domiciled and UK expatriate international customer base.

As part of transformation in 2013, the Isle of Man business completed the move from being a wholly owned subsidiary of Santander UK plc to a branch with its assets and liabilities on its parent’s balance sheet and thereafter rebranded to Santander.

The next element of the process has also seen Santander start to move the Isle of Man business’s customers onto its proprietary IT system, which will allow the future introduction of new products and services.

As the transformation continues – the operations on the Isle of Man are changing, and become less complicated and more efficient. The operation will require less resource – and so we have told staff today that we will be reducing our total staff numbers from 53 to 32 (full time equivalent roles), a process that will take place over the remainder of 2014. This decision may lead to a number of redundancies if staff decide not to relocate or redeployment is not found.

John Pearson, Managing Director, Santander Isle of Man, said: “There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing. We would thank them for their continued professionalism and co-operation. Santander is committed to having a sustainable retail and wealth focussed business on the Isle of Man, and the transformation we have undertaken will allow us to best position the business to meet future changes in the offshore market and have a presence on the island moving forwards.”

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Category: Finance & Business

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