Manx Financial Group PLC - Isle of Man-based financial services company - Subsidiary Conister Bank Ltd on Friday obtained authorisation to accept deposits in the UK. The new licence approval was based on authorisation by the Prudential Regulation Authority, alongside consent from the UK Financial Conduct Authority and the Isle of Man’s Financial Services Authority. Manx says PRA authorisation will allow increased lending to small and medium enterprises by enabling Conister to grow its balance sheet.

Chief Executive Officer Douglas Grant says: ‘This is the first time an Isle of Man bank has been authorised to accept deposits in the UK. Obtaining PRA authorisation is a key step in our growth strategy as it will supplement the liquidity we receive from our loyal Isle of Man depositors. 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.’

Current stock price: 16.93 pence, up 7.5% in London on Monday

12-month change: up 21%

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