RNS Number : 9563T
Manx Financial Group PLC
20 December 2012
For immediate release
20th December 2012
Manx Financial Group PLC
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
Tel +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel +44 (0) 20 7628 3396
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
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 £5m in turnover requiring loans between £5,000 and £25,000. D&D Leasing is a member of the Finance & Leasing Association and the National Association of Commercial Finance Brokers.
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