REG - Manx Financial Group - Conister Bank obtains a UK Branch Banking Licence

Manx FinancialAnnouncement

16/10/2023 07:00

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RNS Number : 1457Q  Manx Financial Group PLC  16 October 2023

FOR IMMEDIATE
RELEASE
               16 October 2023

 

 

Manx Financial Group PLC (the "Group")

 

Conister Bank obtains a UK Branch Banking Licence

 

Manx Financial Group PLC, the holding company providing a range of diversified
financial services in both the Isle of Man and the United Kingdom, is
delighted to announce that on 13 October 2023 the Group's wholly owned banking
subsidiary, Conister Bank Limited ("Conister"), obtained authorisation to
accept deposits in the United Kingdom.

 

Conister already has an Isle of Man Class 1(1) Deposit Taking licence issued
by the Isle of Man Financial Services Authority ("FSA") and is regulated by
the Financial Conduct Authority ("FCA") to undertake consumer credit lending
in the UK. Conister required authorisation by the Prudential Regulation
Authority ("PRA"), together with consent from the FCA and the FSA, for the new
licence approval.  Receiving PRA authorisation will enable Conister to grow
its balance sheet through a mixture of UK deposits and wholesale funding,
allowing increased lending to the UK SME market.

 

Douglas Grant, the Group's CEO said:

 

"This is the first time an Isle of Man bank has been authorised to accept
deposits in the UK. Obtaining PRA authorisation to acquire deposits via our
Basingstoke branch is a key step in our growth strategy as it will supplement
the liquidity we receive from our loyal Isle of Man depositors. We will deploy
this additional liquidity to build upon our record lending for the first half
of this year in anticipation of achieving a total loan book of £0.4 billion
for 2023."

 

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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