LONDON, UK: Manx Financial Group, the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdom, announced that the Group’s wholly owned banking subsidiary, Conister Bank Limited applied for a United Kingdom Branch Deposit Taking licence on 25 October 2022.
Conister Bank 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 £0.5 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 Bank 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”.