Conister Bank obtains a UK Branch Banking Licence

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 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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