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Appointment of new Non-Executive Directors
Conister Bank Limited, the Island’s leading independent bank, is pleased to announce the appointment of two new Isle of Man based non-executive Directors, Sam Skelton and John Spellman. These appointments have been made to add additional NED experience to the Bank’s board as it continues to innovate its deposit and loan offering on Island.
Sam Skelton is joining the Board of Conister Bank Limited with immediate effect bringing with him a wealth of banking and financial experience gained during his 32-year career working for the RBS Group both in the U.K. and in the Isle of Man.
Sam is an economics graduate, and within the wider RBS Group, Sam held a number of key roles throughout his career including director for Coutts International Ltd and director and chairman for Lombard Isle of Man Ltd.
In joining the Board Sam said “It’s a great privilege to have this opportunity to join a local bank which has such a long history and fine pedigree with a true go-ahead attitude underpinned by such great staff and customers.
It’s accepted these are very challenging times for us all but I genuinely feel Conister Bank has and will continue to make a difference in supporting businesses and individuals to get through these difficulties and I hope in some small way to compliment Douglas Grant and his fellow executive directors in leading the Bank through to a more normal business environment.”
John Spellman is joining the Boards of Conister Bank Limited and its parent company, Manx Financial Group PLC, with immediate effect.
During John’s career, he gained experience in banking, fund management and accountancy, specialising in various parts of the offshore industry. John has also worked with, and created, a number of successful locally based businesses and acted as a strategic advisor to the Government, specialising in the finance sector and foreign direct investment.
In joining the Boards John said “I am delighted to join the Boards of Conister Bank and Manx Financial Group. I hope to use my experience to help support the business to further success in the future.”
Douglas Grant, Managing Director of Conister Bank Limited, commented: “on behalf of everyone at Conister Bank and Manx Financial Group, I am delighted to welcome Sam and John to our Boards. Both are highly regarded in their respective fields and I look forward to their valuable insights as we continue to expand our operations both on Island and further afield."
‘We can stand by, or stand up’
When I think of banking, a personal, tailored service isn’t something that immediately jumps to mind. Maybe my expectations have been beaten down over the years, or maybe I’ve just naively thought a high street bank is my only option. However, it’s times like this when you actually need to speak with someone without waiting on hold for 3 hours, that it’s nice to realise that maybe you’ve just been choosing the wrong banks all along.
Conister Bank strive to provide a service echoing how banking was back in the good old days. Your bank manager knew you by name and you were a loyal customer for life. Conister has been providing savings and lending to local businesses and individuals on the Isle of Man since 1935. Yup, that’s 85 years of banking. Plans to celebrate their 85th year have naturally fallen to the back burner. Despite the challenges and adaptations they, like all of us are currently facing, their customers are still at the forefront of what they do. This has meant thinking outside of the box to ensure they still provide the high standards that they have set, and which their customers thus have come to expect.
So just what is happening now in the world of banking, now we have found ourselves in this topsy turvy version of reality otherwise known as 2020?
Well for Conister, they’re making sure their approach is as personal as it’s always been. With modern technology and the use of the internet most customers apply online to Conister. When dealing with a customer recently who wasn’t particularly fluent in the art of technology, a member of staff went above and beyond their call of duty, by printing out and personally posting a document through the customers letterbox, then waiting for them to sign and post it back through (insert disclaimer about how social distancing measures were obviously followed).
It would be easy to assume that in the midst of a global pandemic, taking out a loan is the last thing anyone would want - and Conister initially thought the same. Cycle 360, Bikestyle, Eurocycles and Erin Bike Hut have experienced a surge in new customers during lockdown, via their online portal Conister have been able to provide finance to many new customers. Not only is it clear we are REALLY into cycling on the Isle of Man, but to see so many customers shopping local at this time is definitely a small win; having these finance packages in place means these small, often family run businesses, are still trading.
But, by partnering with the Isle of Man Government to support their Disruption Loan Guarantee Scheme, Conister are helping to provide a cash flow to maintain the day to day running of local businesses - helping to ensure they can cover essentials such as rental costs, wages, a continuation of projects and bills.
One of 5 banks involved with the scheme, Conister will assist not only their own customers but will welcome onboard new customers. Each enquiry is sent straight through to the Head of Sales, Andy Bass, who ensures they are dealt with on a case by case basis - with Conister, it isn’t just an ‘apply online and get an instant decision’ sort of situation, it’s personal. The Isle of Man Government website advises you to ‘contact your bank’ for more information, and in this situation, you want and need help and guidance as soon as you can get it. Utilising their local knowledge, Conister can ensure they are keeping the businesses’ best interests at heart and ultimately looking out for the Island that they, and we, so dearly love.
Right now, there are a lot of tough conversations being had; some businesses are unsure how they will survive after COVID-19 and it’s understandably frightening for a lot of people. Being able to provide help on such a human level is vital in a time like this.
Fraud Awareness – Stay Fraud Safe
As fraudsters spot new opportunities to access your money, information and software during the coronavirus pandemic, here’s how we can help you stay safe.
Unfortunately, fraudsters are using people’s sense of uncertainty and fear during the coronavirus pandemic to take advantage of vulnerable people and businesses.
Find out how you can take to keep your details, money and software safe from fraud.
Remember – we’ll never ask for your account information or passwords through unsolicited calls, texts, emails or social media.
If you get an email or text that claims to be from us but looks suspicious, please forward it, along with any attachments if possible, to OpsRisk@conisterbank.co.im
Swift action by Conister ensures emergency business loans are now available
Conister Bank Limited’s emergency coronavirus business loans are now available, following a rapid response to the crisis.
Last week, the independent bank announced it had set aside £10 million to provide loans to businesses negatively impacted by the coronavirus and the cancellation of this year’s TT races.
Conister Bank is offering an interest-only repayment period of 12 months for these loans, followed by a one to five-year settlement period reflecting the wishes of the business. Also, the bank will half its charges on the settlement period of the loan.
Managing Director, Douglas Grant, said: ‘One of our greatest strengths as an independent bank is that we can act quickly to help the community in an evolving situation. With the crisis caused by the spread of the coronavirus, the cancellation of the TT, and cessation of nearly all flights, we recognise this is an extraordinary situation. We at Conister Bank are determined to help in any way we can to assist the community-wide effort to see the Isle of Man through this challenging time.’
He added: ‘Our staff have worked incredibly quickly to ensure these loans are available now when local businesses need them.’
To find out more about the loans, contact Conister on 694694 or apply online http://conistebank.co.im
Why local knowledge matters in a global crisis
At a time of crisis, sometimes it can be the smaller, independent businesses that are best positioned to cope with the challenges being faced.
With the spread of Covid -19 across the globe starting to have a serious impact on economies, coupled with – from an Isle of Man point of view – the collapse of Flybe, the island is facing serious challenges.
A strong business sector should help to stand the island in good stead. Most major corporations will have already drawn up or will be in the process of drawing up an action plan to deal with the developing situation with regard to Covid-19. But sometimes, the nature of big business can mean that it takes a while for all the details to be addressed, especially at a local level. And that is where an independent business, fully integrated within its community, can show the value of local knowledge and close community links.
Business decisions can be made locally, tailored to specific needs, in a quicker response than might be the case for a corporation operating at a global level. For instance, as an independent organisation, Conister Bank was able to start work on a contingency plan as soon as the potential seriousness of Covid-19 became apparent.
As an island-based bank, we can move to support local businesses in the face of what is a huge, but hopefully temporary, economic shock. That is not just altruism, it is good for the economy in general. Keeping the economy strong – and helping small businesses to withstand the storm will assist with that – is important for all businesses.
And it will also send out a strong message: that the Isle of Man is built to withstand the greatest of pressures. Similarly, we were able to have a bespoke plan for a no-deal Brexit and its impact on the Isle of Man.
World events have dominated the economic landscape at the moment and the full impact on smaller organisations is hard to measure. By listening to the needs of the community you serve, you can help the economy to deal with whatever is thrown at it. But there is another challenge that many smaller businesses face and that is what can be perceived as the uneven spread of liquidity – cash flow – available to smaller organisations.
Again, that is where an independent bank can play its part, by offering something different from the larger organisations and, once again, supporting the local economy by backing local businesses and offering cash flow solutions.
There are many different ways this can be done. At Conister, we have launched a number of notice accounts, which are specifically aimed at both businesses and individuals who have suffered from a lack of yield since the recession in 2008. There are other things that can assist a small business. For instance, an annual insurance payment that falls at the wrong time of the year could be problematic for a business on tight margins. But if you can break that down into a number of payments over the year, for instance monthly, that can ease the pressure.
Whether it be contingency plans for major events such as Brexit or the Covid-19 outbreak, or more localised issues, the important point to this is that a business which its base and focus in the Isle of man can often find itself in a better position to support businesses and individuals.
It enables a bank like Conister to be there to help both individuals and the community through assisting businesses with their liquidity. Ensuring the distribution of liquidity is fair for businesses both large and small is one way of doing this.
The island has a robust political and regulatory environment, which encourages business. While larger banks may have their decision-making taking place in a different country, an independent bank has the freedom to act locally and often more quickly. Such a position has enabled Conister to develop liquidity plans to help businesses through situations such as a no-deal Brexit and negating the impact of Covid-19.
A bank that is in a position to introduce new products, such as deposit accounts, designed specifically for a localised customer base, is well-placed to help local businesses to deal with whatever threat may come along. The small business market in the Isle of Man has a solid base and that allows a bank to identify the opportunities to help cement that by offering the right product. It is in a bank’s interests to accommodate the needs of its customers. The net result is for a more active economy.
A common theme coming out of government is ‘nation building’. That includes at an economic level.
It makes good business sense for independent, island-based organisations, to tailor products to the local demand. Ultimately, the benefit will be for the island as whole.
Conister Bank customers affected by coronavirus
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We understand that there may be circumstances where a customer, personal or business, may fall into financial difficulty as a result of the impacts of Coronavirus.
Conister Bank will review customers’ situations on a “case-by-case” basis and will consider a number of options to help our customers manage their finances.
We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.
We would encourage any customer experiencing financial difficulty to get in touch with us immediately.
Andrew Moody settling in well to life at Conister Bank
At the end of the summer, Conister Bank’s Isle of Man sales team welcomed newest recruit Andrew Moody as Sales Manager. Since then, Andrew has been busy learning the ropes, getting to know the bank’s customers, and adding a new dimension of skills and experience to the team.
Andrew’s primary focus as Sales Manager is Conister’s online lending systems and its network of Approved Partners. This is a new role which has been specially created to meet the increasing demand for the bank’s online services and to ensure that Conister Bank maintains the position of being the dominant lender on the Island.
“I’m excited by this fresh challenge and eager to put my ideas and plans into place” says Andrew. “I’ve hit the ground running and it’s been a great couple of months meeting new people and understanding how Conister Bank contributes to the Island’s people and economy.”
“Andy Bass, Head of Sales for the Isle of Man business, comments, “The demand for our online services has been so strong that we took the decision to create this role, which is a demonstration of our commitment to the Isle of Man’s lending market. I am delighted to have Andrew in the team, working alongside Tom Charmer and Lee Gale.
“This really is an exciting time for Conister Bank and for our customers. We have strategically built an excellent sales team; we offer unrivalled customer service; and our online lending system allows our customers the flexibility to apply for finance 24/7. I am extremely proud of our recent achievements as we approach our 85th year in business.”
Conister Bank launch new flexible savings accounts
Conister Bank has announced the launch of two new Notice Deposit Accounts – 120 and 180 days – designed to appeal to both corporate and personal savings customers.
In today’s climate, not everyone wants to tie up their savings for a long period of time, preferring a degree of flexibility. Conister Bank is offering new accounts in response to feedback from customers regarding their savings needs and requirements.
Conister Bank has been looking after local people and businesses since 1935. They have a long tradition of creating and tailoring new products and services based on feedback from their loyal customer base. Another recent example, earlier this year, Conister launched its online lending platform.
Conister Bank is not simply a lender; they are committed to providing flexible savings and great rates to help individuals and businesses make their money go further. These new notice accounts add a new level of flexibility to their range of saving products. The new options include investing for a shorter term, withdrawals penalty free within the agreed notice period; the ability to add to your savings; highly competitive rates of interest; and six-monthly interest payments.
Douglas Grant, Managing Director, commented, “As a customer centric business that focuses on providing a positive customer experience we are delighted to be able to offer these new products to the local market, particularly as we know they are what our customers have asked for. We are driven by the understanding of our customers’ needs and evolve through listening and building a long term relationship that delivers excellent service”.
Conister Bank’s parent company Manx Financial Group PLC announces £2.7 million profit before tax and a 13.8% increase of total assets to £196.9 million.
Manx Financial Group PLC, the locally based AIM listed financial services group, which includes Conister Bank Limited, Edgewater Associates Limited, Manx FX Limited and Conister Finance & Leasing Ltd recently published its Annual Report.
Jim Mellon, who is executive chairman of Manx Financial Group PLC, commented “I am pleased to announce that the outcome for 2018 showed a broadly similar profit to 2017, despite the figures including the expense of further investments in infrastructure, the most important being the opening of a new UK full-service HQ in Newbury and a significant upgrade in our IT infrastructure. We have continued to strengthen our Balance Sheet and our new business pipeline remains buoyant for all our core activities. As a result, we are in an excellent position to report further success, both at the Interims and at the full year”.
Conister Bank Limited exceeded its targets for the year with new lending increasing by 38.4% to £102.1 million (2017: £73.7 million), driven by a 41.9% uplift in lending on the Isle of Man and a substantial increase in demand for its structured product range in the UK.
Net loan book growth of 21.0% to £148.3 million (2017: £122.5 million) has been achieved with no deterioration in loan book quality with performing loans remaining at 97.2%. In anticipation of this increase in UK demand, the Bank opened a fully equipped new office in both Newbury and Manchester.
Operating expenses decreased by £0.2 million to £6.0 million (2017: £6.2 million), but this masks the investment made in technology, which will underpin the Bank’s growth in 2019 and beyond. The Bank successfully installed a new deposit system in 2018 and this has helped manage the growth of the deposit base by 11.4% to £158.5 million (2017: £142.3 million).
Douglas Grant, Managing Director of Conister Bank Limited, commented on the Bank’s performance, “Despite the shadow of economic uncertainty, Conister Bank exceeded expectations for the year and achieved record lending in 2018. Our balanced approach to acquiring businesses; servicing the UK wholesale funding market and developing online lending to our island community, allows us to enhance our customer’s experience and develop customer centric products”.
Meet Tom Charmer, Conister Bank’s friendly face in the South
Meet Tom Charmer, Conister Bank’s friendly face in the South
As an independent bank which has served the Isle of Man since 1935, Conister Bank knows that the key to longevity in business is building and nurturing strong customer relationships. For Conister, this is made possible by a team in which every member is people-orientated and enjoys being part of the Island’s community.
Tom Charmer, who has been a Sales Manager with Conister Bank for just over a year, relishes the customer-focused nature of his role and the organisation as a whole. As a ‘Southerner’, he particularly enjoys helping businesses in the south to get off the ground, grow and thrive.
Tom grew up in Castletown and Port Erin, attending the towns’ respective Primary Schools before moving up to Castle Rushen High School.
On leaving school, Tom went to work in the banking sector, gaining promotion from his initial Cashier role to Customer Services Officer, then Relationship Manager. It was here, working across the Island, that he cultivated his people strengths and gained key experience in helping customers to achieve their individual goals.
Tom now lives in Braddan with his partner Clare and their two sons, Jake (8) and Harry (3). “I still spend a lot of time down south”, he says. “All my family are down there, so I see them regularly”.
Tom often plays golf in the south and prior to taking up the sport he was a keen footballer, starting out at Rushen United before going on to captain Castletown. “I love the south because it’s familiar, it’s where I grew up and where many of my friends still live. It’s a great place to go and relax”.
As a Sales Manager with Conister Bank, Tom has a major focus on the south of the Island, “I want to meet with as many business owners as possible and understand their needs or frustrations. We simply want to help people in any way we can, whether that’s with a business or start-up loan or by releasing working capital. One thing that new businesses discover is that growth can be harder than setting up - we’re able to reassure them that we’re with them all the way, not just at the beginning”.
In Castletown alone, Conister Bank has supported three recent success stories - The Secret Pizza Company, Compton Vaults and Body Craft Fitness. Down in Port Erin, Tom is busy talking to the local community, letting people know what Conister can do for them; meetings with the Port Erin Traders’ Association has given him a valuable insight into the needs of local businesses.
To any prospective or current business owner thinking of getting in touch, Tom says, “We’re open for business and want to help you. Conister is a traditional bank in that we believe in making personal visits and providing a consistent, familiar face for our customers to meet with. We have such a wide range of services and products to help people, and I’m always happy to have a chat. We will always want to support our local community - after all, we’re part of it too. This is where we work and live, and are proud to call home”.
