Bank does 'something that no other local bank has ever done'
Conister has become the first Island-based bank to secure a deposit taking licence in the United Kingdom.
Approval has been granted by the UK’s Financial Conduct Authority and the Prudential Regulation Authority.
Conister says it will ‘pave the way’ for it to achieve one of its strategic ambitions of entering the deposit taking market there.
These deposits, and Isle of Man sourced deposits, will reportedly drive the company’s lending expansion here and in the UK.
Managing Director Douglas Grant said: "It is a testament to our professionalism, ambition, and credibility that we have achieved something that no other local bank has ever done – an Island-based bank gaining approval from the UK regulator for deposit taking.
"This is good news not only for Conister but also for the Island.
"This authorisation reinforces the reputation of the Island’s regulatory environment and we could not have achieved this goal without the support of the Isle of Man Financial Services Authority.
"We are, and we will remain, an Island based business and as such this authorisation will bring additional employment opportunities to our community."
Mr Grant told Manx Radio this is an 'opportunity':
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