Manx Financial Group PLC New Funding Agreement with 1st Stop Home Loans (1422M)
21 8월 2013 - 3:00PM
UK Regulatory
TIDMMFX
RNS Number : 1422M
Manx Financial Group PLC
21 August 2013
For immediate release
21(st) August 2013
Manx Financial Group PLC
(the 'Company')
New Funding Agreement with 1(st) Stop Home Loans Limited
Manx Financial Group PLC, through its wholly-owned licensed
banking subsidiary, Conister Bank Limited ('Conister Bank')
continues to extend its distribution network through its pioneering
use of Integrated Wholesale Funding Agreements ('IWFA').
The Company is pleased to announce that Conister Bank has
entered into a IWFA with 1(st) Stop Home Loans Limited ('1(st) Stop
Home Loans') to provide secured personal loans to consumers. 1(st)
Stop Home Loans will introduce and pre-underwrite loans on behalf
of Conister Bank.
1(st) Stop Home Loans is part of the northwest based financial
services group 1(st) Stop Group Limited ('1(st) Stop Group') which
offers a range of loan products to the retail market.
This is the second IWFA that Conister Bank has arranged with the
1(st) Stop Group. On the 24(th) April 2013, the Company announced
that Conister Bank entered into a funding agreement with 1(st) Stop
Car Finance Limited. This agreement has already generated over GBP1
million of new loans since that date.
Juan Kelly, Conister Bank's Managing Director, observed: "The UK
banking landscape is undergoing significant structural change due
to improvements in technology and regulatory pressures. This offers
new opportunities for challenger banks like Conister Bank. In
particular, we see our Integrated Wholesale Funding Agreement as
being the most effective way of servicing the new guard of finance
companies that are emerging in the UK SME and consumer
markets."
1(st) Stop Home Loans' Directors, Alex Mollart and Mike Gray,
commented: "With the credit squeeze persisting, we see increasing
demand for our Home Loans product. Our funding arrangement with
Conister has unlocked a key barrier to growth. "
For further information, please
contact:
Denham Eke/Juan Kelly
Manx Financial Group PLC
Tel +44 (0) 1624 694694
Roland Cornish/Felicity Geidt
Beaumont Cornish Limited
Tel +44 (0) 20 7628 3396
Tim Blackstone
Britton Financial PR
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 1(st) Stop Home Loans Limited.
1(st) Stop Home Loans Limited, founded in 2004 and authorised by
the Office of Fair Trading, provides funds for home improvements
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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