Manx Financial Group shares jump after subsidiary secures UK banking licence
Manx Financial Group shares rose on Monday after the financial services company announced that its banking subsidiary Conister Bank received a licence to take deposits in the UK.
The decision marks the first time an Isle of Man-based bank has been granted a UK branch deposit-taking licence.
Manx said the bank can now accept deposits through its branch in Basingstoke, Hampshire, after authorisation from the Bank of England’s Prudential Regulation Authority (PRA).
The licence approval will help Conister grow its balance sheet and enable more lending to small and medium-sized enterprises in the UK, Manx said on Monday.
“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,” commented Douglas Grant, Manx’s chief executive.
“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.”
Manx shares rose 7.5 per cent to 16.93p on Monday.
The company’s shares were down 32 per cent year to date.