His Excellency the Lieutenant Governor Mr Adam Wood officially opened Permanent Bank International’s (PBI) new premises at Hillary House on Prospect Hill, Douglas.
His Excellency attended the launch event last week and unveiled a plaque in the reception area to commemorate the occasion.
The official launch was attended by PBI clients and suppliers. Guests included Chief Minister Allan Bell MHK; Financial Supervision Commission chief executive John Aspden; Department of Economic Development Minister John Shimmin MHK; the Mayor of Douglas Councillor David Ashford JP; and Mayoress Mrs Sylvia Ashford.
They were joined by PBI executives and staff in celebrating the bank’s relocation which signifies the culmination of a year long process that began with the launch of its new brand identity in February last year.
Carlton Freegard, managing director of Permanent Bank International Ltd, thanked all the guests including His Excellency for attending the launch event.
Before inviting His Excellency to unveil the plaque, Mr Freegard said: ‘It is nice to see so many friends here tonight at the official opening of our new premises.
‘Some of you may know that this building stands upon the site of the first Manx home of Sir William Hillary, founder of the RNLI and inspiration behind the Tower or Refuge.
‘Given the turmoil in the financial markets over the last few years, taking shelter from the storm is as important to our clients as it was to the sailors seeking refuge in Douglas Bay all those years ago.
‘Permanent Bank was forged from the fires of financial turmoil and we have fused the best ideals of the mutual with those of the true private bank to create something truly special. We call it ‘‘The Personal Face of Banking’’ and we are proud to display our ethos on our signage for all to see.
‘This location offers us a prominent presence in the heart of the island’s financial community.’
Mr Freegard then thanked all who helped in the relocation including Rose Estates, Apex Ceilings, MP Associates, Argon, EyeSpy, and marketing and PR company MM&C.
He also gave special thanks to PBI’s staff and management team for their ‘planning, perseverance and patience’ which ensured a smooth transition to the bank’s new premises from its previous location in Athol Street, Douglas.
He added: ‘Our move to these splendid premises is positive news not just for Permanent Bank International, but for the island’s banking sector too. PBI widens the choice that local residents enjoy when it comes to finding a home for their hard earned savings. It is also important for local professional firms to be able to place the funds they manage with local banks, and this investment in our new premises is evidence that PBI is dedicated to the local market.
‘After the turmoil of the past few years this does feel like a ‘‘Phoenix moment’’ for Permanent Bank International Ltd having new owners, a new brand, and new premises.’
Permanent Bank International employs 13 staff in the Isle of Man and has customers in more than 70 countries.
The bank is owned by Permanent TSB, a leading provider of personal financial services in the Irish market with strong positions in retail banking.
The company’s roots date back to 1884 with the establishment of the Irish Temperance Permanent Benefit Building Society culminating in the launch of Permanent TSB in 2002. wThe group, Permanent TSB plc, is 99.2 per cent owned by the Irish Government, therefore depositors with Permanent Bank International also enjoy the comfort that this brings.