Capital International Group has secured regulatory approval to build a new digital bank targeting corporate and high-net-worth clients on the Isle of Man.

The Isle of Man-based investment solutions provider has become the first company to secure a provisional class 1(2) banking licence under the island’s Alternative Banking Regime (ABR).

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The ABR was introduced by the Isle of Man government in 2016 to broaden the scope for new banks to open for business on the crown dependency.

The class 1 (2) licence does not allow banks to take retail deposits, so is tailored to companies targeting corporate clients and individuals with liquid assets in excess of £500,000.

Capital International Group CEO, Greg Ellison, says: “The provision of core banking services to businesses in the Isle of Man and further afield has been hit hard by some of the traditional banks de-risking and reducing their appetite to provide banking to offshore centres in the past ten years.

“Coupled with the Isle of Man’s Alternative Banking Regime, this has created a great opportunity for Capital International to build a new digital bank aimed at qualifying corporate clients and high net worth individuals.

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“We have been working hard for the past couple of years on building the foundations for the bank and have been engaged closely with the Financial Services Authority and with support from the Department for Enterprise we’ve built the business model around the needs of our target clients, particularly CSPs and professional services firms.”

CIB Limited, as the bank will be called, now has a 12-month period to move to an unconditional licence before it can open its doors and take deposits.

Ellison adds: “We still have a lot of work to do before we can open the bank, but we are delighted to be the first company to be awarded the class 1(2) provisional licence and we look forward to an exciting future ahead.”