Conister Bank Block Discounti

RNS Number : 1154W

Manx Financial Group PLC

12 November 2010

 



FOR IMMEDIATE RELEASE                                          12 November 2010

Manx Financial Group PLC (the 'Company')

Conister Bank Block Discounting

The Company is pleased to announce that its wholly owned banking subsidiary Conister Bank Limited ('the Bank') has agreed to provide facilities totalling in excess of £2m under its new Block Discounting business line and the first drawdown under these arrangements has been completed. 

Block Discounting is a loan facility provided by the Bank to a business secured against future income streams, typically rental & credit agreements, in return for an agreed discount. The size of the discount offered is dependent on the quality of the underlying customers. These facilities offer a way for businesses to un-lock capital tied up in their finance agreements.

Denham Eke, Chief Executive of the Group commented:

"This new business line which has been developed in response to market demand, complements the Group's existing products and will allow us to expand our loan book without materially increasing credit risk whilst achieving acceptable returns". 

For further information, please contact:

Manx Financial Group PLC Denham Eke Tel [phone]

Beaumont Cornish Limited Roland Cornish Tel [phone]

Britton Financial PR Tim Blackstone Tel [phone]

 

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