Conister Bank, part of Manx Financial Group (LSE: MFX.L), has been approved for a UK deposit-accepting license. Conister Bank was already approved to hold deposits in the Isle of Man.
Conister states that is the first time an Isle of Man bank has been approved for a UK Branch deposit-taking licence. The company says this will help it expand its business with UK deposits.
Conister obtained authorization from the Prudential Regulation Authority (PRA) and consent from the Financial Conduct Authority (FCA).
Conister has been regulated by the FCA for the provision of consumer credit lending in the UK.
Douglas Grant, the Group’s CEO, said the approval for their UK branch to accept deposits validates their growth strategy while also marking a significant milestone in the Group’s evolution.
“Authorisation will provide Conister with access to UK deposits, supplementing liquidity received from its loyal Isle of Man depositors. We will deploy this additional liquidity to build on our reported record lending in the first half of this year as we expect to lend a record £0.4 billion this year.”