Conister Bank Launches New Online Deposit System for UK Customers

Conister Bank Limited (“Conister”), a subsidiary of Manx Financial Group PLC (AIM: MFX), has unveiled a user-friendly online deposit system designed for its UK retail customers. This launch builds on the success of its digital distribution channel in the Isle of Man, which now accounts for over 70% of the bank’s lending operations. 

The new platform offers a seamless customer experience with a range of competitive deposit products, including self-service features, quick account opening, and mobile access. Initial feedback from users has been overwhelmingly positive, with 62% rating customer support a perfect 5/5 for responsiveness and helpfulness. 

Historically, Conister’s deposits were largely sourced from the Isle of Man, even though a significant portion of its lending activity has been in the UK. With the deposit-taking permissions granted by the Bank of England and the FCA in 2023, Conister aims to strategically grow its UK lending and deposit base. This expansion will further support its lending divisions and strengthen its position in the market. 

Haseeb Qureshi, Chief Operating Officer at Conister Bank, shared: 

“We are excited to extend our digital offerings to retail customers in the UK. Our platform is built to be simple, efficient, and aligned with the values our customers have come to trust. Digitalisation plays a pivotal role in scaling our operations and ensuring we meet the needs of our target markets. At the same time, we remain focused on delivering a personalised, customer-first experience.” 

Founded in 1935, Conister Bank has a long-standing legacy in deposit-taking and lending. With over £0.4 billion in deposits and more than 100,000 customers, the bank is leveraging its new UK deposit-taking licence to expand beyond its Isle of Man origins. 

Douglas Grant, Group CEO at Manx Financial Group PLC, commented: 

“Securing UK deposit permissions from the Bank of England and the FCA reflects the strength of our business strategy and governance. By raising deposits in the UK, Conister can continue to support the underserved SME market, which forms the backbone of British manufacturing and services. We are committed to delivering innovative financial solutions while maintaining our legacy of personalised service for both depositors and borrowers.” 

With its robust digital infrastructure and commitment to innovation, Conister Bank is well-positioned to drive growth and meet the evolving financial needs of UK customers. 


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