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."