Manx Financial Group PLC Conister applies for UK Branch banking licence (2450E)
October 27 2022 - 1:00AM
UK Regulatory
TIDMMFX
RNS Number : 2450E
Manx Financial Group PLC
27 October 2022
FOR IMMEDIATE RELEASE 7.00am 27 October 2022
Manx Financial Group PLC ("the Group")
Conister Bank applies for UK Branch banking licence
Manx Financial Group PLC, the holding company providing a range
of diversified financial services to the Isle of Man and the United
Kingdom, announces that the Group's wholly owned banking
subsidiary, Conister Bank Limited ("Conister"), applied for a
United Kingdom Branch Deposit Taking licence on 25 October 2022
(the "Branch application").
Conister has an Isle of Man Class 1(1) Deposit Taking licence
issued by the Isle of Man Financial Services Authority and is also
regulated by the Financial Conduct Authority ("FCA") for the
provision of consumer credit lending and mortgage business in the
UK. The Branch application, if approved by the Prudential
Regulation Authority ("PRA") and the FCA, will allow Conister to
grow its balance sheet, subject to the necessary regulatory
capital, by up to an additional GBP0.5 billion through a mixture of
UK deposits and wholesale funding. Applying for a UK Branch banking
licence, however, is no guarantee of approval and the process is
expected to take up to one year.
Douglas Grant, the Group's CEO said: "Obtaining a UK Branch
deposit taking licence will provide Conister with access to the UK
deposit market, supplementing the traditional liquidity from our
loyal Isle of Man depositors. Conister will be well-placed for
future growth through its expanding Specialist Finance and Broker
teams. If approved, the licence will also provide access to the UK
payments market and other initiatives where a banking licence
provides the holder with a seat at the table. This application is a
significant milestone in our banking subsidiary's UK expansion
strategy".
THIS 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 THEREFORE CEASE TO
BE IN POSSESSION OF INSIDE INFORMATION.
For further information, please contact:
Manx Financial Group PLC Beaumont Cornish Limited Greentarget Limited
Denham Eke, Roland Cornish/James Biddle Jamie Brownlee
Executive Vice Chairman Tel +44 (0) 20 7628 3396 Tel +44 (0) 203 307 5726
Tel +44 (0)1624 694694
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END
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