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Conister Bank Shares Positive Interim Results from Parent Company, Manx Financial Group PLC
Conister Bank has proudly served the Isle of Man community for nearly 90 years, offering reliable and responsible financial solutions to individuals and businesses alike. As a key subsidiary of Manx Financial Group PLC (MFG), we are committed to supporting the Island’s economy through personalised banking services that cater to our customers' evolving needs.
With a strong focus on customer-centred services, Conister Bank continues to expand its offerings, including the upcoming launch of a self-service digital platform, making banking more convenient for our valued clients. Despite challenging economic conditions, our focus on innovation and prudent risk management has ensured consistent growth, with a loan book of £370.4 million and deposits of £409.3 million in the first half of 2024.
As the principal profit driver for MFG, Conister Bank plays a vital role in ensuring the financial wellbeing of the Isle of Man. We remain dedicated to delivering tailored financial solutions that help our clients achieve their financial goals, while contributing to the Island’s ongoing stability and growth.
Conister Bank Celebrates Coast 2 Coast Walk Success with Unbelievably Generous £490,000 Donation
Conister Bank has been proudly serving the Isle of Man for almost 90 years, providing trusted financial solutions and fostering strong relationships with individuals, families, and businesses. But our commitment to the community extends far beyond banking.
For the past three years, we have been the proud main sponsors of the Coast 2 Coast Walk, a key annual event that raises vital funds for Sight Matters, a local charity supporting those with visual impairments. Our sponsorship reflects our deep-rooted values of community, support, and care for the most vulnerable members of society.
At Conister Bank, we believe in making a difference. Whether it’s through our financial services or by backing charitable causes that enrich our island, we are dedicated to helping our community thrive. From personal banking to our efforts in charitable giving, our goal is to empower the people of the Isle of Man, now and in the future.
Climbing Together: Empowering Kids with Sight Matters and Conister Bank
At Conister Bank, ethics and transparency are at the heart of everything we do. As a community bank deeply rooted in the Isle of Man, we are dedicated to enhancing local well-being by supporting initiatives like Sight Matters. This invaluable charity serves over 500 people with significant sight loss, offering vital services through its dedicated team and 200 volunteers.
Our recent collaboration with Sight Matters' Younger Members Group at Hot Rocks Climbing Wall highlights our commitment to providing unique opportunities for children with visual impairments. Through these partnerships, we strive to make a positive impact on the lives of those who need it most.
Join us in supporting Sight Matters by participating in the Coast 2 Coast Walk on 8th September. Your involvement will directly benefit our visually impaired community and help sustain the charity’s essential work. Together, we can make a difference and bring hope to those who need it most.
Conister - “the new to market” Bank that isn’t new at all
Conister Bank, newly accredited with a deposit-taking licence in the UK, stands apart from typical start-up banks due to its rich history dating back to 1935. Previously known as Conister Finance & Leasing, the bank has been active in the UK for over 20 years, lending more than £1 billion to SMEs. The recent acquisition of a full banking license marks a significant expansion of its services.
The rebranding from Conister Finance & Leasing's "orange" to Conister Bank's "purple" signifies the bank's evolution. With a new banking license, Conister will offer fixed deposit options for retail customers and continue to focus on asset finance, commercial loans, and structured finance products for SMEs, operating from its headquarters in Hampshire.
Approaching its 90th anniversary, Conister Bank emphasizes cultural diversity, sustainable development, and community involvement. Chief Operating Officer Haseeb Qureshi highlights the bank’s long-standing commitment to responsible business practices and cultural initiatives.
Conister Bank aims to establish a fully digitalized customer offering in the UK retail deposit market, following its success on the Isle of Man, where digital channels account for over 70% of retail funding. The bank plans to offer self-service portals, flexible onboarding, and mobile apps to enhance the customer experience while maintaining personal service.
Haseeb Qureshi distinguishes Conister Bank from fintech start-ups by emphasizing its focus on accessibility and service. The bank seeks to grow its UK lending and deposit book to support its asset and structured finance divisions.
Led by Chris Blackburn, Conister Bank introduces the new Interest-Only Block product for non-bank financial institutions (NBFIs). This innovation allows clients to retain capital, providing immediate funding for new loans and facilitating rapid business growth.
Conister Bank's UK re-entry showcases its expertise and commitment to innovation and customer service. With a focus on digital transformation and sustainable growth, Conister aims to become a key player in the UK banking sector. Its structured finance offerings, including the Interest-Only Block product, demonstrate its ability to provide tailored financial solutions for diverse client needs. As it approaches its 90th anniversary, Conister continues its legacy of trust and excellence in banking.
A Year of Strategic Growth and Solid Performance
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Conister Bank’s parent company Manx Financial Group PLC (LSE: MFX) announces another record-breaking financial year in 2023, reinforcing its position as a leading provider of diversified financial services in the Isle of Man and the United Kingdom.
Conister Bank has demonstrated exceptional agility and strategic vision. Through targeted growth efforts, operational advancements, and an unwavering dedication to serving customer needs, and has not only secured remarkable financial achievements but has also established a solid groundwork for future expansion, especially in the UK. As it continues to navigate the complexities of the financial landscape, Conister Bank stands ready for ongoing success, highlighting its position as a dynamic and resilient force in the banking sector.
2023 Annual Highlights:
** Profit Before Tax: £7 million, up by +35% (2022: £5.20 million)
** Balance Sheet Growth: £480.7 million, up by +26.7% (2022: £379.3 million)
** Advances: £352.5 million, up by +52% (2022: £231.4 million)
Island on course for a good year, the 2024 Conister Bank sponsored Three Ministers Event is told
At the 2024 Isle of Man Chamber of Commerce Three Ministers Event, sponsored by Conister Bank and held at the Comis Hotel, the Island’s business community received a cautiously optimistic update on the economic strategy “Our Island Plan.” Chief Minister Alf Cannan MHK, Treasury Minister Dr. Alex Allinson MHK, and Enterprise Minister Tim Johnston MHK delivered progress reports. The event, hosted by Chamber President Kristan McDonald, emphasized the critical role of attendees in the Island’s economy.
Chief Minister Cannan outlined ambitious targets for 2026, including creating 5000 new jobs, a £10 billion economy, and a 100,000 population. He cited ongoing projects like job creation, welcoming new residents, constructing homes, and improving health and education systems. Despite challenges like Covid aftermath and global concerns, Cannan expressed confidence in achieving these goals and in the Island's economic resilience.
Minister Allinson discussed the Island's strong economic performance despite global challenges, emphasizing the government's role in ensuring financial stability and addressing issues like climate change and housing.
Minister Johnston highlighted the progress in job creation, infrastructural development, and sector-specific growth like eGaming and fintech. He stressed the importance of skilled workforce development and the government's role in fostering a diverse and sustainable economy.
The event also addressed internal government reforms, connectivity and travel challenges, international financial compliance, and the need for fiscal discipline amid rising costs and economic pressures. The Ministers emphasized the Island’s potential for growth and prosperity, acknowledging the private sector's role in achieving these objectives. The event concluded with discussions on immigration, financial regulation, and the importance of maintaining the Island's safety, security, and unique character.
Conister Bank makes history with landmark UK Deposit Taking Licence
The Isle of Man’s longest established community bank, Conister, has made history by becoming the oldest Island-based bank to secure a deposit-taking licence in the UK.
While many UK banks have obtained deposit-taking permissions in the Isle of Man in the past, Conister has now achieved the reverse by getting these permissions in the UK. This new authorisation, approved by the UK’s Financial Conduct Authority and the Prudential Regulation Authority, supports Conister's strategic goal to enter the UK deposit-taking market.
This will enhance its lending expansion in both regions. Established in 1935, Conister already lends approximately £0.35 billion annually to UK SMEs. This license will boost Conister's balance sheet growth, combining UK deposits with wholesale funding.
Douglas Grant, Conister Bank’s Managing Director, highlighted this as a pivotal achievement, reinforcing the Island's regulatory reputation. He emphasised Conister's commitment to its customers, compliance, and growth.
Record Half Year Profits reported for Conister Bank parent company Manx Financial Group PLC (AIM:MFX)
Manx Financial Group PLC delivered record profits in H1 2023 with significant contributions made by Conister Bank.
Highlights:
• 30% surge in pre-tax profits reaching £3.0 million, a notable increase from £2.3 million as of June 2022.
• Conister Bank's lending touched a remarkable £182.6 million, 65% up from £110.9 million in the same period last year.
• Net loan book swelled by £98.3 million (40%) to stand at £343.3 million, marking a substantial growth from £244.9 million in June 2022.
• Deposits saw impressive growth, with an uptick of £78.9 million, totalling £332.5 million. A marked improvement from £253.6 million as of June 2022.
Conister Bank Announced as Title Sponsor for The 24 Hours of Le Dan's Cycling Event
Conister Bank is proud to continue its support as the title sponsor of The 24 Hours of Le Dans cycling event. This partnership with The Dan Kneen Charitable Fund reflects the bank's commitment to promoting an active lifestyle and supporting the local community.
The event, now in its third year, attracts participants of all abilities and ages, aiming to encourage mass participation and create a fun-filled atmosphere. Conister Bank shares values of teamwork, personal challenge, and community engagement, making it a perfect fit for supporting Le Dans.
The 2023 edition will introduce new categories, including Electric Bikes and the return of Petit Le Dans for young riders. Andy Bass, Head of Sales at Conister Bank, expressed excitement about the event's growth and its ability to attract participants.
Taking place on August 5th and 6th at Jurby Racecourse, The 24 Hours of Le Dans offers various categories for participants and supports local charities.
Jason Cain Promoted to Lead the Corporate Deposits Team at Conister Bank
Conister Bank is delighted to announce the promotion of Jason Cain to the position of Corporate Customer Service Associate where he will lead the newly formed Corporate Deposits Team. This promotion recognises Jason’s exceptional customer-centric approach utilising his excellent interpersonal and communication skills to establish and maintain strong relationships with corporate clients.
May Hooper, Head of Group Treasury at Conister Bank, is thrilled to welcome into the Corporate Deposit team.
Jason’s promotion highlights Conister Bank's commitment to recognising and developing talent within the organisation. By promoting from within, the bank ensures a seamless transition and maintains its dedication to providing exceptional service and building long-term partnerships.
To get in touch with Jason call 01624 694661 or email corporates@conisterbank.co.im
