Business
Conister Bank provides business loans to CAS
Conister Bank provides business loans to CAS.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n \nRNS Number : 9860X Manx Financial Group PLC 20 January 2014 \n \n\nFor immediate release\n20th January 2014\n \nManx Financial Group PLC \n(the 'Company')\n \nConister Bank provides business loans to Corporate Asset Solutions Limited\n \n \nManx Financial Group PLC, through its wholly-owned licensed banking subsidiary, Conister Bank Limited ('Conister Bank') continues to extend its distribution network through its use of Integrated Wholesale Funding Agreements ('IWFA'). \n \nAs part of this strategy, Conister Bank has entered into an IWFA with Corporate Asset Solutions Limited ('CAS'). This Agreement will allow the provision of loans in the range of £10,000 to £50,000 to small and medium-sized enterprises ('SMEs') following the introduction and pre-vetting by CAS. This continues Conister Bank's growth strategy of developing underfunded markets by providing a greater diversification to its distribution network and loan book.\n \nFounded in 2004, Corporate Asset Solutions Ltd (CAS) is a Hampshire-based funder which offers a variety of loan products to the SME market. CAS has been successfully growing its loan portfolio by providing funding to a wide variety of businesses across the UK with a range of products including hire purchase, leasing and business loans.\n \nJuan Kelly, Conister Bank's Managing Director, stated: \"The constraints in the supply of credit from the UK's 'High Street' banks to SMEs has been widely publicised. Increasingly, the new breed of 'challenger banks' like ourselves are stepping in to fill the void. This trend is likely to gather speed as 'High Street' banks continue to shun the SME market and financial technology continues to evolve, opening up distribution to a broader set of funders.\"\n \nCAS' Managing Director, Zac Cogan, commented: \"We are delighted to have finalised the funding arrangements with a similarly progressive and forward thinking organisation such as Conister Bank. We have built a strong and solid reputation serving a wide customer base of good quality SMEs over the last 10 years and feel this will help fuel the future expansion of our business. We look forward to building a successful working relationship with Conister Bank, capitalising on the numerous opportunities available to us both.\"\n \n\n\n\n\nFor further information, ple...