The application was submitted to the Prudential Regulation Authority and Financial Conduct Authority on 26 October 2022. Known as the Island’s community bank, Conister has forged its reputation over many decades as both a trusted local deposit taker and a premium lender.
The Branch application, if approved, will allow Conister to grow its balance sheet, subject to the necessary regulatory capital, by up to an additional £0.5 billion through a mixture of UK deposits and wholesale funding.
Speaking about Conister’s growth strategy, Douglas Grant, Managing Director at Conister Bank and MFG’s CEO said: “Obtaining an UK Branch deposit taking licence will provide Conister with access to the UK deposit market, supplementing the traditional liquidity from our loyal Isle of Man depositors. If approved, the licence will also provide access to the UK payments market and other initiatives where a banking licence provides the holder with a seat at the table. This application is a significant milestone in our banking subsidiary’s UK expansion strategy”.
The UK licence approval process is expected to take up to a year.