Manx Financial Group PLC Funding Agreement with D&D Leasing (9563T)
20 12월 2012 - 4:00PM
UK Regulatory
TIDMMFX
RNS Number : 9563T
Manx Financial Group PLC
20 December 2012
For immediate release
20(th) December 2012
Manx Financial Group PLC
(the 'Company')
Commencement of Funding Agreement with D&D Leasing Ltd
Manx Financial Group PLC is pleased to announce that as part of
its strategy of growing the UK loan book and broadening its
distribution channels, the Company's wholly-owned subsidiary
Conister Bank Limited ('Conister Bank') has entered into a funding
agreement (the 'Agreement') with D&D Leasing Ltd ('D&D
Leasing') a private London-based leasing company dedicated to the
SME sector.
Under the Agreement, D&D Leasing will originate and manage
business loans made by Conister Bank. As part of the arrangement
D&D Leasing has agreed to grant options to Conister Bank for it
to acquire up to 20% of D&D Leasing's share capital, subject to
Conister Bank meeting certain pre-agreed milestones in respect of
levels of new business.
Juan Kelly Conister Bank's Managing Director observed "The
relationship with D&D Leasing allows us to extend our reach in
a market that is generally underserved by the UK clearing banks.
D&D Leasing has a strong reputation in this area and we are
delighted to be partnering with them to develop this line of
business."
D&D Leasing's Managing Director Bill Dost commented, "We are
excited about a long term tie up with Conister Bank. We both
believe in the success of the SME sector and this partnership
supports us in achieving the strategic goal of becoming the leading
choice of finance for this segment in the UK."
For further information, please
contact:
Manx Financial Group plc
Denham Eke
Tel +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel + 44 (0) 7957 140416
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 D&D Leasing UK Ltd.
D&D Leasing is a London-based leasing business offering
finance to the UK SME market. Their focus is primarily businesses
with under GBP5m in turnover requiring loans between GBP5,000 and
GBP25,000. D&D Leasing is a member of the Finance & Leasing
Association and the National Association of Commercial Finance
Brokers.
www.danddleasing.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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