Nationwide International has created five new posts in the Island.

The new recruits will oversee a range of corporate banking products targeted at small and medium-sized UK firms, recently launched by the Nationwide Group.

Nationwide International managing director Philip Dunne says investment in banking technology at the Douglas office and local expertise in corporate deposit markets, have made Douglas the ideal base for the new initiative.

The firm is a wholly-owned subsidiary of Nationwide Building Society and Mr Dunne says he's confident the new team members will be ambassadors for the company and its parent.

On a visit to the company's office in St George's Street, Treasury Minister Eddie Teare described the jobs announcement as "very welcome news".