An Isle of Man investment manager led by a former Barclays Wealth MD has promised to create a bank using "leading edge technology" for private and corporate clients, having gained a specialist licence.

CIB Limited, part of Capital International Group, has been awarded a provisional “class 1(2)” banking licence – the first of its kind to be issued in the jurisdiction under the Alternative Banking Regime.

The regime was set up in 2016 in order to widen the market in response to the traditional banking sector becoming more risk averse.

The 1(2) licence means CIB will only be able to offer services to qualif...