The arrival of two new broker managers at
Conister Finance and Leasing, the recently formed UK subsidiary of
Conister Bank, has signaled the beginning in earnest of the Manx
lender’s expansion into the mainland leasing market.
Neil Landsborough and Mike Hirst, who have
both moved from positions at Clydesdale Asset Finance, will develop
Conister’s relationships with SME-focused asset finance brokers in
the North West and South West regions respectively.
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While Conister has been active as a
deposit-taking bank on the Isle of Man since 1935, 2009 saw it make
the decision to begin lending in the UK through asset finance,
historically one of its strongest product lines.
Assets targeted will be commercial vehicles
and trailers, wheeled plant, and higher value passenger cars,
largely from prestige marques such as Mercedes and Ferrari.
Currently, Conister’s balance sheet stands at
around £50m, but the bank predicts this will likely grow between
200 percent and 300 percent over the next 2-3 years, through
organic growth.
At the same time Conister’s owner, the Manx
Financial Group, is keen for the bank to grow through acquisition.
Portfolios between £1m and £10m are of great interest, it is
understood, including those built up by brokers.
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By GlobalDatafred.crawley@vrlfinancialnews.com
