Anglo Irish Bank, of Jubilee Buildings, have now released details of the management buy out of their Trust Company.
The news was detailed on Manx Radio business earlier this week but has now been confirmed.

The firm describe it as the largest "MBO" of a corporate service provider, based in the Isle of Man, with a value of 33 million pounds.
It followed" a strategic review" that decided the potential for the trust company was best maximised outside their existing banking structure.

There are to be no changes to day to day operation, staffing or the existing management structure.
Sheila Dean is Managing Director and Anthony O'Mahoney Finance Director.
Further continuity and experience is being provided by former Ernst and Young partners, Larry Kearns who continues as non executive chairman and Pauline Doyle, continuing in her role as Director.
Barry Smith continues as Legal Director of AITCL.
SeniorDebt Funding was provided by RBS International.