REG - Manx Financial Group - Conister applies for UK Branch banking licence

Manx FinancialAnnouncement

27/10/2022 07:01

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RNS Number : 2450E  Manx Financial Group PLC  27 October 2022

FOR IMMEDIATE
RELEASE
7.00am 27 October 2022

 

Manx Financial Group PLC ("the Group")

 

Conister Bank applies for UK Branch banking licence

 

Manx Financial Group PLC, the holding company providing a range of diversified
financial services to the Isle of Man and the United Kingdom, announces that
the Group's wholly owned banking subsidiary, Conister Bank Limited
("Conister"), applied for a United Kingdom Branch Deposit Taking licence on 25
October 2022 (the "Branch application").

 

Conister has an Isle of Man Class 1(1) Deposit Taking licence issued by the
Isle of Man Financial Services Authority and is also regulated by the
Financial Conduct Authority ("FCA") for the provision of consumer credit
lending and mortgage business in the UK. The Branch application, if approved
by the Prudential Regulation Authority ("PRA") and the FCA, will allow
Conister to grow its balance sheet, subject to the necessary regulatory
capital, by up to an additional £0.5 billion through a mixture of UK deposits
and wholesale funding. Applying for a UK Branch banking licence, however, is
no guarantee of approval and the process is expected to take up to one year.

 

Douglas Grant, the Group's CEO said: "Obtaining a UK Branch deposit taking
licence will provide Conister with access to the UK deposit market,
supplementing the traditional liquidity from our loyal Isle of Man depositors.
Conister will be well-placed for future growth through its expanding
Specialist Finance and Broker teams. If approved, the licence will also
provide access to the UK payments market and other initiatives where a banking
licence provides the holder with a seat at the table. This application is a
significant milestone in our banking subsidiary's UK expansion strategy".

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

For further information, please contact:

 

 Manx Financial Group PLC  Beaumont Cornish Limited      Greentarget Limited

 Denham Eke,               Roland Cornish/James Biddle   Jamie Brownlee

 Executive Vice Chairman   Tel +44 (0) 20 7628 3396      Tel +44 (0) 203 307 5726

 Tel +44 (0)1624 694694

 

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