Manx Financial Regulatory News (MFX)

12 Feb 2009 09:16



FOR IMMEDIATE RELEASE 12 February 2009

Conister Financial Group plc (the 'Company')

Board Changes

Conister Financial Group plc ("CFG") today announced that, following the completion of the strategic review of the business, Arron Banks has stepped down as Chief Executive of Conister Financial Group plc. He will remain a Non-Executive Director of the Company.

The following CFG appointments have also been made with immediate effect: Jim Mellon, formerly Non-Executive Chairman will take the role of Executive Chairman; Denham Eke will take the role of Chief Executive; and Simon Hull and David Gibson will join the board as Non-Executive Directors.

Denham was appointed as a Non-Executive Director of the Company in November 2007, having been appointed in September 2007 as a Non-Executive Director of Conister Trust Limited (formerly Conister Trust Plc). Denham has been actively involved in a number of key projects for the Group. He began his career in stock broking before moving into corporate planning for a major UK insurance broker. Denham is a Director of many years' standing of both public and private companies involved in the financial services, property, mining and manufacturing sectors. Simon and David, current Managing Director and Non-Executive Director respectively of Conister Trust Limited, the wholly owned banking subsidiary based in the Isle of Man, join the board as Non-Executive Directors. David is also a Non-Executive Director of TransSend Payments Limited, the wholly owned CFG subsidiary focussed on pre-paid card operations.

Jim Mellon, Executive Chairman, said:

"I would like to thank Arron for his hard work and dedication to the Group in what has been difficult period. Denham's previous involvement in key group initiatives will ensure the transition will be seamless and our history of working closely together in other enterprises will ensure shareholder value is prioritised.

"Simon has, since joining from Alliance and Leicester International, as Managing Director of Conister Trust Limited, energized its development as a private bank capable of supporting the diverse needs of high net worth individuals both on and offshore. David has already brought his wealth of banking knowledge and experience to bear on both our banking and prepaid operations and is well placed to assist in accelerating the development of this financial services group. 

"We have a well capitalized bank with a strong capital adequacy ratio of 17.8%, and with no legacy exposure to the asset classes which have ravaged other banks. I am confident the new executive management team is well placed to take advantage of the opportunities, which exist in the challenging economic environment. "

Denham Eke, Chief Executive said:

"As a long-term committed Isle of Man resident I am very aware of Conister Trust's 70 year history, but, at the same time, I am determined to harness the efforts of a strong new management team for a profitable future."

AIM Disclosures on Simon Hull and David Gibson:

The directorships held by Simon James Hull, 44, in the previous five years are as follows:

Current Former

Conister Trust Limited Alliance & Leicester International Ltd

Alliance & Leicester International Holdings Ltd

Alliance & Leicester International Fund Plc

Simon Hull has 3,342 Ordinary Shares of 25p each in the Company.

There is no further information to be disclosed under Schedule Two (g) (i)- (viii) of the AIM Rules for Companies.

The directorships held by David Gibson, 61, in the previous five years are as follows:

Current Former

Chellbrook Properties Plc None

Conister Trust Limited

Mountstephen Investments Ltd

National Counties Building Society

TransSend Payments Ltd

There is no further information to be disclosed under Schedule Two (g) (i)- (viii) of the AIM Rules for Companies.