22 Nov 2019 15:11
CITY OF LONDON GROUP PLC
("COLG" or the "Company")
Recognise submits formal application to be a Bank
City of London Group Plc (COLG) is very pleased to announce that, its subsidiary, Recognise Financial Services Limited, has formally submitted its application to the Prudential Regulatory Authority (and the Financial Conduct Authority) to be authorised as a Bank.
Recognise, has an independent, fully constituted Board under the Chairmanship of Philip Jenks, previously Chair of Charter Court Financial Services. Once authorised, Recognise will offer financial services to the UK SME sector and the personal and business savings markets. This new enterprise, and its highly experienced management team, will target the vital but underserved SME lending market offering service excellence, speed, flexible structuring and the key component of personal service through dedicated relationship managers.
COLG already has interests in the asset finance, professional funding and bridging loans sectors, the objective will be to consolidate these businesses within Recognise once authorised, hopefully later in 2020.
As previously announced, COLG will seek to raise new equity to finance the plans for Recognise.
For further information contact:
City of London Group plc
Michael Goldstein
+44 (0)7831 483365
Peel Hunt LLP (Nominated Adviser and Broker)
James Britton
Rishi Shah
+44 (0)207 418 8900
For media enquiries, please contact:
Rebecca Annable, Lansons; RebeccaA@lansons.com 0207 566 9731
Bev Aujla, Lansons; beva@lansons.com 020 7 294 3683
Or email colg@lansons.com