Business
Conister Bank obtains a UK Branch Banking Licence
Conister Bank obtains a UK Branch Banking Licence.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE 16 October 2023\n \n \nManx Financial Group PLC (the \"Group\")\n \nConister Bank obtains a UK Branch Banking Licence\n \nManx 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.\n \nConister 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.\n \nDouglas Grant, the Group's CEO said:\n \n\"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.\"\n \nTHIS 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 THE...