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24 Apr 2013 07:00
For immediate release
Date 24 April 2013
Manx Financial Group PLC
Funding Agreement with 1st Stop Car Finance Limited
Manx Financial Group PLC, the Isle of Man based diversified financial services group including the wholly-owned licensed banking subsidiary Conister Bank Limited ("Conister Bank"), continues to extend its UK distribution network through regional partnering arrangements. Conister Bank has entered into a funding agreement with 1st Stop Car Finance Limited ("1st Stop") to provide vehicle loans to consumers.
1st Stop is part of the northwest based financial services 1st Stop Group which offers a range of loan products to the retail market. 1st Stop will introduce and pre-underwrite loans on behalf of Conister Bank, including on-line applications via its website www.1ststop.co.uk. Conister Bank anticipates that the arrangement will generate a near 10% increase in its loan book in the first 12 months of operation with an corresponding increase in gross margin.
Conister Bank continues its strategy to become more widely known to the UK consumer and commercial market. As one of only a handful of 'challenger banks', it provides a fast and efficient service, providing loans up to £500,000. With an easily scalable deposit book and a very low rate of default, Conister Bank has considerable capacity for further growth.
Juan Kelly Conister Bank's Managing Director observed: "Conister Bank's heritage was built on Isle of Man vehicle funding. The agreement with 1st Stop Car Finance is a natural extension of one of our core products into the UK consumer vehicle market and provides further diversification to our origination channels."
1st Stop's Managing Director David Enright commented: "We are delighted to have the backing of Conister Bank. The innovative funding structure will allow us to accelerate our growth at a time when many of the UK's largest banks have reduced their lending appetite."
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For further information, please contact:-
Manx Financial Group Denham Eke / Juan Kelly |
Tel: +44 (0) 1624 694694 |
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Beaumont Cornish Roland Cornish |
Tel: +44 (0) 20 7628 3396 |
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Britton PR Tim Blackstone |
Tel: +44 (0) 7957 140416 |
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Notes to Editors
About Conister Bank
Established in 1935, Conister Bank is an Isle of Man licenced business and retail bank. Conister Bank offers a wide range of loan products to the consumer and SME market places both on the Isle of Man and in the UK. Conister Bank is a member of the Finance & Leasing Association and the National Association of Commercial Finance Brokers. Conister Bank is a wholly-owned subsidiary of AIM-listed Manx Financial Group PLC.
Manx Financial Group PLC offers retail and commercial banking services, payment solutions and wealth management, general insurance and life insurance, through its wholly owned subsidiaries Conister Bank Limited, Conister Card Services Limited, Edgewater Associates Limited and ECF Asset Finance Plc.
www.conisterbank.co.im
About 1st Stop Car Finance Limited.
1st Stop Car Finance Limited is a traditional hire purchase lender and is part of a Blackpool based financial services group offering a range of financial services to the retail marketplace under its various subsidiary companies.
www.1ststop.co.uk
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