Conister Bank Limited has obtained authorisation from the Prudential Regulation Authority (PRA) and consent from the Financial Conduct Authority (FCA) to accept deposits in the United Kingdom.
It is the first time an Isle of Man bank has been approved for UK branch deposit-taking licence, which will provide Conister with the opportunity to potentially expand its balance sheet substantially through UK deposits and wholesale funding.
The bank already has an Isle of Man Class 1(1) deposit taking licence issued by the Isle of Man Financial Services Authority (FSA) and is regulated by the FCA for the provision of consumer credit lending in the UK.
Conister Bank's managing director Douglas Grant said: 'Obtaining PRA authorisation for our UK branch to accept deposits not only serves as validation of our growth strategy by both our principal regulator and the UK regulators, but it also marks a significant milestone in the Group’s evolution.
'Authorisation will provide Conister with access to UK deposits, supplementing liquidity received from its loyal Isle of Man depositors. We will deploy this additional liquidity to build on our reported record lending in the first half of this year as we expect to lend a record £0.4 billion this year.'