CFG Conister Fin

RNS Number:0864T
Conister Financial Group plc
25 April 2008


FOR IMMEDIATE RELEASE                                             25 April 2008



                          Conister Financial Group plc

                            ("CFG" or the "Company")


                               Appointment of CEO

                    and strengthening of the executive team



Conister Financial Group plc ("CFG") announces today moves to strengthen the
executive team following the Scheme of Arrangement implemented in January of
this year.



Arron Banks has been appointed CEO of CFG with immediate effect.


Arron (aged 42) is currently a non-executive director of CFG and a significant
shareholder with a beneficial interest of nearly 15% of the issued share
capital. He has had a successful career in financial services building
significant shareholder value in the insurance industry. He founded Group
Direct, a top 30 UK insurance broker and also founded and has a controlling
interest in Southern Rock Insurance Company, one of the fastest growing direct
internet insurers in the UK.


Arron commented,


"I am looking forward to the CFG role enormously, Conister Trust has a 70 year
history on the Isle of Man and we intend to build the business into one of the
most successful institutions on the Island. The expansion of CFG into the
pre-paid card market marks a change of direction and shows our desire to expand
CFG into new areas. The pre-paid card industry has massive potential and we are
already making solid progress."


Chris Johnstone (a 49 year old Chartered Accountant) has been appointed as
Interim Finance Director (non-board appointment) to support Arron in the
development of CFG.


Chris had a long and successful track record at Provident Financial plc. As
Managing Director of its Insurance Division he expanded the motor insurance
business from 100,000 customers to over 850,000 customers in a little over 5
years. The business was generating �40m profits when it was sold in 2007 for
�170m to GMAC Insurance Holdings Inc. Chris also led the turnaround of Colonnade
Insurance Brokers from a loss making business to one generating �1.4m profits
before its successful sale to the Swinton Group for �27m in 2002.


In 2001 Chris was appointed to the Provident Financial plc Board with
responsibility for its UK credit operations; he established Vanquis Bank to
offer credit cards, and Chaired Yes Car Credit after its acquisition in 2002.


In September last year Chris teamed up with Arron and successfully handled the
sale of Brightside Group plc's insolvency business to Debts.co.uk for �1.1m.



Jerry Linehan, the current CEO of CFG takes on the new role of CEO of Conister
Trust Limited, the Banking Division of the Group and remains a Director of CFG.


In this new role Jerry will be able to focus exclusively on the Banking Division
at a time when there are a significant number of global opportunities as a
result of the sub-prime/credit crisis, which continues to impact the Banking
Sector. Conister Trust has no debt on its balance sheet, has raised �13m of
capital over the last 18 months, is very well capitalised and has no exposure to
the sub-prime market.







Jim Mellon, Chairman, commenting on these changes said,


"Arron has been a significant shareholder and non-executive Director of CFG for
3 years and I am delighted he has accepted the role of CEO. He has a first class
record of creating shareholder value and this is a great opportunity for him to
bring his strong business and entrepreneurial skills to the newly formed Group.
Chris brings a wealth of knowledge and experience to the finance team as we
start to develop CFG. These moves leave Jerry free to expand the Banking
Division, which is well placed to exploit the current opportunities in that
sector. All in all these moves are a very positive first step to strengthening
the executive management of the Group."





For further information please contact:


Conister Financial Group plc

Arron Banks/Chris Johnstone 07918 608480


Beaumont Cornish Limited

Roland Cornish +44 (0) 20 7628 3396



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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