Conister applies for UK Branch banking licence

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 Denham Eke, Executive Vice Chairman Tel [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]

Greentarget Limited Jamie Brownlee Tel [phone]

 

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