New Funding Agreement with 1st Stop Home Loans

RNS Number : 1422M

Manx Financial Group PLC

21 August 2013

 



For immediate release

21^st August 2013

Manx Financial Group PLC

(the 'Company')

New Funding Agreement with 1^st Stop Home Loans Limited

Manx Financial Group PLC, through its wholly-owned licensed banking subsidiary, Conister Bank Limited ('Conister Bank') continues to extend its distribution network through its pioneering use of Integrated Wholesale Funding Agreements ('IWFA').

The Company is pleased to announce that Conister Bank has entered into a IWFA with 1^st Stop Home Loans Limited ('1^st Stop Home Loans') to provide secured personal loans to consumers. 1^st Stop Home Loans will introduce and pre-underwrite loans on behalf of Conister Bank.

1^st Stop Home Loans is part of the northwest based financial services group 1^st Stop Group Limited ('1^st Stop Group') which offers a range of loan products to the retail market.

This is the second IWFA that Conister Bank has arranged with the 1^st Stop Group. On the 24^th April 2013, the Company announced that Conister Bank entered into a funding agreement with 1^st Stop Car Finance Limited. This agreement has already generated over £1 million of new loans since that date.

Juan Kelly, Conister Bank's Managing Director, observed: "The UK banking landscape is undergoing significant structural change due to improvements in technology and regulatory pressures. This offers new opportunities for challenger banks like Conister Bank. In particular, we see our Integrated Wholesale Funding Agreement as being the most effective way of servicing the new guard of finance companies that are emerging in the UK SME and consumer markets."

1^st Stop Home Loans' Directors, Alex Mollart and Mike Gray, commented: "With the credit squeeze persisting, we see increasing demand for our Home Loans product. Our funding arrangement with Conister has unlocked a key barrier to growth. "

For further information, please contact:

Denham Eke/Juan Kelly Manx Financial Group PLC Tel [phone] Roland Cornish/Felicity Geidt

Beaumont Cornish Limited Tel [phone]

Tim Blackstone Britton Financial PR Tel + 44 (0) 7957 140416

About Conister Bank

Established in 1935, Conister Bank is an Isle of Man licenced business and retail bank. Conister Bank offers a wide range of loan products to the consumer and SME market places both on the Isle of Man and in the UK. Conister Bank is a member of the Finance & Leasing Association and the National Association of Commercial Finance Brokers. Conister Bank is a wholly-owned subsidiary of AIM-listed Manx Financial Group PLC.

Manx Financial Group PLC offers retail and commercial banking services, payment solutions and wealth management, general insurance and life insurance, through its wholly owned subsidiaries Conister Bank Limited, Conister Card Services Limited, Edgewater Associates Limited and ECF Asset Finance Plc

www.conisterbank.co.im

About 1^st Stop Home Loans Limited.

1^st Stop Home Loans Limited, founded in 2004 and authorised by the Office of Fair Trading, provides funds for home improvements and is part of a Blackpool based financial services group offering a range of financial services to the retail marketplace under its various subsidiary companies.

www.1ststop.co.uk

 

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