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Tue, 17 Oct 2023
Conister Bank has become the first Island based bank to secure a UK deposit-taking licence.
The Islands longest community bank, Conister Bank say this is a ‘significant reversal of the usual trend where British banks obtain deposit-taking permissions in the Isle of Man’.
According to the bank, entry into the UK deposit-taking market, will not only help drive Conister's lending growth but also potentially bring additional employment opportunities to the Isle of Man community.
It said: “Gaining approval from the UK’s Financial Conduct Authority and the Prudential Regulation Authority not only stands as a testament to Conister Bank's credibility and ambition but also bolsters the reputation of the Isle of Man’s regulatory environment.
“The Bank's accomplishment has been acknowledged as a significant moment in its history, further reinforcing the Island’s standing in the financial sector.”
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