Conister Bank starts taking UK retail deposits

Manx Financial Group PLC

17 October 2024

 

FOR IMMEDIATE RELEASE                                                                     17 October 2024

Manx Financial Group PLC

(the "Group")

Conister Bank starts taking UK retail deposits

Manx Financial Group PLC (AIM:MFX), the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdon, announces that its wholly owned subsidiary, Conister Bank Limited ("Conister"), has started accepting UK retail deposits. Conister's web-based deposit system is entirely automated and allows customers to be onboarded within a matter of minutes. Following the grant of a UK Branch Bank licence late last year, Conister has successfully completed testing its UK deposit taking governance and infrastructure. This development is a key component of Conister's technology drive to build competitive advantage.

Douglas Grant, CEO of the Group stated:

"Strategically, this milestone is significant in that it provides an alternative source of liquidity to support Conister's UK lending growth. Further, as the deposit process is fully automated, it will not only drive operational efficiencies and cost savings, but it will also allow Conister to scale safely."

For further information, please contact:

Manx Financial Group PLC Denham Eke, Executive Vice Chair Tel: [phone]

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

Greentarget Limited Jamie Brownlee Tel: [phone]

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

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