Manx Financial Group PLC, the Isle of Man based diversified financial services group including the wholly-owned licensed banking subsidiary Conister Bank Limited (“Conister Bank”), continues to extend its UK distribution network through regional partnering arrangements. Conister Bank has entered into a funding agreement with 1st Stop Car Finance Limited (“1st Stop”) to provide vehicle loans to consumers.
1st Stop is part of the northwest based financial services 1st Stop Group which offers a range of loan products to the retail market. 1st Stop will introduce and pre-underwrite loans on behalf of Conister Bank, including on-line applications via its website www.1ststop.co.uk. Conister Bank anticipates that the arrangement will generate a near 10% increase in its loan book in the first 12 months of operation with an corresponding increase in gross margin.
Conister Bank continues its strategy to become more widely known to the UK consumer and commercial market. As one of only a handful of ‘challenger banks’, it provides a fast and efficient service, providing loans up to £500,000. With an easily scalable deposit book and a very low rate of default, Conister Bank has considerable capacity for further growth.
Juan Kelly Conister Bank’s Managing Director observed: “Conister Bank’s heritage was built on Isle of Man vehicle funding. The agreement with 1st Stop Car Finance is a natural extension of one of our core products into the UK consumer vehicle market and provides further diversification to our origination channels.”
1st Stop’s Managing Director David Enright commented: “We are delighted to have the backing of Conister Bank. The innovative funding structure will allow us to accelerate our growth at a time when many of the UK’s largest banks have reduced their lending appetite.”
Read the Full Press Release on the London Stock Exchange website.
