Manx Financial Group PLC, through its wholly-owned licensed banking subsidiary, Conister Bank Limited (‘Conister Bank’) continues to extend its distribution network through its use of Integrated Wholesale Funding Agreements (‘IWFA’).
As part of this strategy, Conister Bank has entered into an IWFA with Corporate Asset Solutions Limited (‘CAS’). This Agreement will allow the provision of loans in the range of £10,000 to £50,000 to small and medium-sized enterprises (‘SMEs’) following the introduction and pre-vetting by CAS. This continues Conister Bank’s growth strategy of developing underfunded markets by providing a greater diversification to its distribution network and loan book.
Founded in 2004, Corporate Asset Solutions Ltd (CAS) is a Hampshire-based funder which offers a variety of loan products to the SME market. CAS has been successfully growing its loan portfolio by providing funding to a wide variety of businesses across the UK with a range of products including hire purchase, leasing and business loans.
Juan Kelly, Conister Bank’s Managing Director, stated: “The constraints in the supply of credit from the UK’s ‘High Street’ banks to SMEs has been widely publicised. Increasingly, the new breed of ‘challenger banks’ like ourselves are stepping in to fill the void. This trend is likely to gather speed as ‘High Street’ banks continue to shun the SME market and financial technology continues to evolve, opening up distribution to a broader set of funders.”
CAS’ Managing Director, Zac Cogan, commented: “We are delighted to have finalised the funding arrangements with a similarly progressive and forward thinking organisation such as Conister Bank. We have built a strong and solid reputation serving a wide customer base of good quality SMEs over the last 10 years and feel this will help fuel the future expansion of our business. We look forward to building a successful working relationship with Conister Bank, capitalising on the numerous opportunities available to us both.”
For further information, please contact:
Manx Financial Group PLC
Denham Eke/Juan Kelly
Tel +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/Felicity Geidt
Tel +44 (0) 20 7628 3396
Britton Financial PR
Tel + 44 (0) 7957 140416
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