Transfer of Business - Isle of Man
Important information regarding the transfer of business from Barclays Private Clients International Limited, Isle of Man Branch to Barclays Bank PLC, Isle of Man Branch.
The business of Barclays Private Clients International Limited, Isle of Man Branch transferred to Barclays Bank PLC, Isle of Man Branch on 1 October 2016. This follows the High Court of Justice of the Isle of Man’s approval of our transfer application on 17 August 2016.
Please see the important information and documents below, which were issued when we first gave notice of our proposal to transfer the business in June 2016.
At Barclays we continually evaluate our business model and how we operate. Following a recent review, we are proposing to transfer the business of Barclays Private Clients International Limited, Isle of Man Branch (“BPCI, Isle of Man”) to Barclays Bank PLC, Isle of Man Branch (“BBPLC, Isle of Man”) (the “Transfer”). This reflects our ongoing commitment to the Isle of Man as a strategic location for banking services.
The Transfer is due to take effect from 00.01am on 1 October 2016.
About the Transfer
The Transfer will mean the legal provider of products and services will change from BPCI, Isle of Man to BBPLC, Isle of Man. This is essentially a reorganisation within the Barclays Group. The Transfer will not change the way clients use existing products and services and all account information will remain the same.
Barclays is also proposing to transfer separately the business of its BPCI, Jersey and Guernsey branches to the Jersey and Guernsey branches of BBPLC.
How to ensure your views are considered
The Transfer is subject to approval from the High Court of Justice of the Isle of Man (the “Court”) through a Court process known as a “Scheme”. If you believe that you will be adversely affected by the Scheme you have the right to object and have your objection considered by the Court. You can either appear at the Court in person or be represented by a lawyer (at your own cost). The Court hearing is due to take place at 10.00am on 17 August 2016 at the High Court of Justice of the Isle of Man, Deemsters Walk, Bucks Road, Douglas, Isle of Man.
Alternatively, you can raise your concerns by writing to us as soon as possible, to reach us by 10 August 2016. We will answer any questions and will share any relevant communications with the Court.
For further information about how to contact us, please refer to the Client Guide below.
Further information and assistance
The same details that appear here have been provided to our clients in writing. For further information about the Transfer, please refer to this online Q&A and the documents below:
- Client Guide [PDF, 368KB]
- Summary of the Scheme and Independent Auditor’s Report [PDF, 96KB]
- Notice of Transfer of Business [PDF, 74KB]
If you have any questions or need clarification on any of the information provided, please call us on +800 800 888851 or +44 (0)1624 6844442 and we will be happy to help.