Manx Financial Group plc, the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdon, announced that its wholly owned subsidiary, Conister Bank Limited, has started accepting UK retail deposits.

“Conister’s web-based deposit system is entirely automated and allows customers to be onboarded within a matter of minutes,” said Manx.

“Following the grant of a UK Branch Bank licence late last year, Conister has successfully completed testing its UK deposit taking governance and infrastructure.

“This development is a key component of Conister’s technology drive to build competitive advantage.”

Manx Financial Group CEO said: “Strategically, this milestone is significant in that it provides an alternative source of liquidity to support Conister’s UK lending growth.

“Further, as the deposit process is fully automated, it will not only drive operational efficiencies and cost savings, but it will also allow Conister to scale safely.”