Banking Introduction
The majority of banks in the Isle of Man are engaged in providing private banking services to expatriates of the United Kingdom and to foreign nationals. The services offered by banks often extend beyond deposit taking to establishing and administering trusts and managing the underlying companies and assets held by those trusts, including investment management. A significant array of wealth management solutions have evolved to meet a growing demand. Corporate and institutional clients, such as captive insurance companies, life assurance companies and fund managers all require sophisticated banking services, particularly in the money markets, and this has led to an expansion in the continuing growth in the provision of such services.