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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”.
Manx Financial Group: We’re Focused On Your Future
In uncertain times, it’s good to know that there are names you can rely on. While Manx Financial Group might not be a familiar name to everyone, the breadth of services provided by its subsidiaries has brought security, prosperity and peace of mind to individuals and businesses in the Isle of Man for many years. As the Group looks to the future ahead of the new financial year, we look at the role it has played in keeping the Island’s economy in good health.
Manx Financial Group, is the holding company of a diversified financial services group offering personal and corporate banking, wealth management, insurance, payment solutions, foreign exchange and general financial planning through its subsidiaries: Conister Bank, Edgewater Associates, Manx Financial and Manx FX.
Conister Bank is the best known and the longest established of the subsidiaries, having provided personal and business customers with a wide range of products and services since 1935. Through the years, the Bank has helped successive generations while continuing to diversify, achieving an excellent reputation for providing traditional service, excellence and innovative forward-thinking solutions. A recent example is the launch of the Bridging Finance product designed to help people navigate the property market.
Edgewater Associates, which became part of the Group in 2010, similarly meets the needs of both personal customers by offering retirement planning, wealth management, mortgages and insurance, and for corporate client’s business protection, group pension schemes and associated staff benefits and commercial insurance. Like Conister Bank, Edgewater has a longstanding base in Douglas, from which it offers a service noted for its responsiveness and attention to detail.
Manx Financial Group has achieved consistent growth over a number of years, allowing it to broaden its reach. Manx Foreign Exchange (MFX) was launched in 2014, with the aim of providing specialist foreign exchange and currency payment solutions. The company offers facilities to help small to medium sized enterprises grow their businesses in both UK and Isle of Man; it also extends access to the most competitive international payment facilities.
As a result, MFX has enjoyed a similar success as the other members of its family, its confidence mirroring that of its steadily growing body of customers, who find all their individual FX requirements met under the roof of one organisation.
While the functions of each Manx Financial Group subsidiary may be different, they are united by shared values: integrity, customer focus, teamwork and vision. Now with a staff of 107, the Group is resolute in upholding those values across the board, with the result that the reputation of the individual organisations, and the Group as a whole, goes from strength to strength. With an ever-expanding customer base, the Group is able to continue its commitment to the island’s economy, as indeed it has since its foundation.
Of course, organisations which are dedicated to providing exceptional customer service tend also to offer highly attractive environments for existing and prospective staff: where common goals are well-defined and maintained from the top down, positive team culture thrives.
Sandra Cardwell, Managing Director of Edgewater Associates, is proud of her team and very clear about what motivates them: “We are always looking to the future without losing sight of what matters to our clients in the present. Our aim at all times is to help them feel financially secure; this is always the priority for our team”.
Douglas Grant, Managing Director of Conister Bank and Director of MFX, agrees. “Providing the best customer service is at the heart of everything we do and every decision we take. This would not be achievable without our people, who are the backbone of our organisation.
We encourage everyone to develop their expertise, and are keen to see progression within the Group. Attracting and fostering talented, skilled individuals in turn allows us to continue to offer market expertise, economic strength and financial security. These are the core benefits for Manx Financial Group customers, and we are pleased to deliver this high level of service”.
Conister Bank sponsors 2019 Isle of Man Young Farmers Concert
Conister Bank has announced its sponsorship of this year’s Young Farmers Concert, reaffirming its commitment to the island’s agricultural community.
The concert, an exuberant blend of music, dance and comedy, is for many people the Isle of Man’s entertainment highlight of the year. Last year, enthusiasts began to queue outside the Welcome Centre hours before the tickets went on sale!
This will be the second year that Conister Bank has sponsored the concert. Young Farmers’ Federation Chairman Charlie Corkill commented, “We are delighted to have Conister onboard as our title sponsor. We are very fortunate in that we have never lacked sponsorship offers, however, Conister stood out as the best fit for the event as they have strong links with the agricultural sector”.
Conister Bank, which was founded in 1935, have a close affiliation to the island’s farming community, having long provided tailored financial assistance, for instance, livestock funding and asset finance, to both new and established concerns.
Andy Bass, Head of Sales (Isle of Man) says, “We are committed to being part of the agricultural sector on the Isle of Man. To understand its needs, it is really important to listen to voices from within that community.
There are many young people involved in agriculture who have the ambition and enthusiasm to build businesses, both those whose roots are firmly within the traditional sector and those looking to diversify.
Over the years, we have developed schemes designed to support the industry, which is so integral to the island’s economy and identity. Moving forward, we remain dedicated to providing products and services that allow the sector to grow. And we are very happy to return as the sponsor for this year’s Young Farmers concert. It will be great show”.
The Young Farmers in the Isle of Man are part of the UK-wide Federation, one of the largest organisations of its kind, with 612 clubs across England and Wales. In the Isle of Man, there are four clubs organised according to region: Northern, Southern, Eastern and Central.
To anyone interested in joining, the Young Farmers stress that you don’t have to come from an agricultural background: the organisation offers a wide range of activities and events, and welcomes anyone who loves to be outdoors, stay active, travel, meet new people, and generally live life to the full!
New Internal Promotion at Conister Bank
Conister Bank has appointed a new Sales Manager from within its Isle of Man Lending team, showing its commitment to recognising potential and facilitating career progression.
Lee Gale joined Conister Bank in June 2017, having previously worked for Isle of Man Bank for over seven years. Lee, 27, says, “In my career so far, I have developed strong relationships with personal and business customers around the island; I now hope to build on that, and introduce more people to the Conister products and services which can benefit their lives and businesses”.
In his new role, Lee will be a point of contact for many of the bank’s existing Introducers, and will play a key part in identifying and creating new lending opportunities within the retail business and commercial sectors. He will also implement and provide support for the bank’s new web portals for motor dealers and retail outlets, such as bike shops and furniture stores.
The multiple responsibilities of Sales Manager will play to Lee’s skills and strengths: “I put one hundred and ten per cent into everything I do; I have a very competitive nature and strive to be the best I can. Working at Conister has made me even hungrier to succeed, as they have supported me and given me the chance to progress quickly. I can’t speak highly enough about the company and my teammates. I have always enjoyed and taken pride in helping customers and delivering excellent service, which is what Conister is known and respected for, so I’m right at home here”.
Outside work, Lee, who grew up in Foxdale and now lives there with his partner Emma, is “passionate about family, friends and football”. He plays for both Peel AFC and the Isle of Man National Team with such distinction that he has won a number of awards, including the Isle of Man Football Association’s Player of the Year (twice in three seasons) and the Isle of Man Football Writers’ Player of the Year. In work and on the pitch, Lee’s drive and dedication have paid off.
Andy Bass, Conister Bank’s Isle of Man Head of Sales, comments, “Lee’s promotion to Sales Manager is reward for his hard work and commitment to Conister during a period of growth for the bank on the Isle of Man. It further reflects our clear vision to invest in our staff and support their career development. I believe that Lee’s likeability, professionalism and ability to interact with customers make his appointment an exciting addition to our Isle of Man Sales Team as we continue to strengthen our position as the major player in the local lending market”.
