Permanent Bank International Limited, which was licensed under Section 7 Financial Services Act 2008, has surrendered its licence to the Manx regulator.

Permanent Bank International Ltd, which described itself in a presentation to the Manx Retirement Association as "a meld of the private bank and the mutual building society where time is taken to get to know clients," has closed its doors on the Isle of Man and has surrendered its licence to the Isle of Man Financial Services Authority.

The bank was an offshore wing Permanent TSB plc, which is incorporated in Ireland and regulated by the Central Bank of Ireland. Its former managing director, Aidan Doherty, moved from Ireland to the Isle of Man in 1984 where worked for the Bank of Ireland until 1994. He then spent four years in the Cayman Islands in the private banking field before returning to the Isle of Man to join Singer & Friedlander. In all, he spent 30 of his 37-year financial career offshore. The Isle of Man outpost of Kaupthing Singer & Friedlander went into administration in 2008, touching off a trend among offshore arms of private banks. Since that date, other banks have been struggling to maintain a profitable presence in offshore locales because of the continuing financial crisis and low interest rates.

PBI was a participant in the Isle of Man Depositor’s Compensation Scheme as set out in the Depositors’ Compensation Scheme Regulations 2010. Its affairs are now administered by Dixcart Management (IOM) Ltd.