RCS - Manx Financial Group - Conister Bank starts taking UK retail deposits

Manx FinancialAnnouncement

17/10/2024 07:00

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RNS Number : 4778I  Manx Financial Group PLC  17 October 2024

FOR IMMEDIATE
RELEASE
                         17 October 2024

 

 

Manx Financial Group PLC

(the "Group")

 

Conister Bank starts taking UK retail deposits

 

Manx Financial Group PLC (AIM:MFX), the holding company providing a range of
diversified financial services to the Isle of Man and the United Kingdon,
announces that its wholly owned subsidiary, Conister Bank Limited
("Conister"), has started accepting UK retail deposits. Conister's web-based
deposit system is entirely automated and allows customers to be onboarded
within a matter of minutes. Following the grant of a UK Branch Bank licence
late last year, Conister has successfully completed testing its UK deposit
taking governance and infrastructure. This development is a key component of
Conister's technology drive to build competitive advantage.

 

Douglas Grant, CEO of the Group stated:

 

"Strategically, this milestone is significant in that it provides an
alternative source of liquidity to support Conister's UK lending growth.
Further, as the deposit process is fully automated, it will not only drive
operational efficiencies and cost savings, but it will also allow Conister to
scale safely."

 

For further information, please contact:

 

 Manx Financial Group PLC   Beaumont Cornish Limited      Greentarget Limited

 Denham Eke,                Roland Cornish/James Biddle   Jamie Brownlee

 Executive Vice Chair       Tel: +44 (0) 20 7628 3396     Tel: +44 (0) 20 3307 5726

 Tel: +44 (0) 1624 694694

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

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