City of London Group PLC Banking Licence Update
20 Septiembre 2021 - 1:00AM
RNS Non-Regulatory
TIDMCIN
City of London Group PLC
20 September 2021
20 September 2021
CITY OF LONDON GROUP PLC
("COLG" or the "Company")
Banking Licence Update
City of London Group (AIM: CIN), the parent company of Recognise
Bank Ltd ("Recognise Bank"), a digitally led new SME bank , is
pleased to announce that, the Prudential Regulation Authority
("PRA") has lifted the deposit restrictions on Recognise Bank. This
will enable Recognise Bank launch its personal and business savings
products and to start taking deposits. Recognise Bank will launch
FSCS protected personal savings products on Tuesday 21(st)
September 2021, with business saving products due to launch
later.
As announced in August 2021, City of London Group agreed the
sale of Milton Homes Limited ("Milton") and completed a capital
raise to meet the capital requirements for the PRA to remove
restrictions on deposits.
The development of Recognise Bank has been a central part of
COLG's strategy, to address the funding and service gap experienced
by underserved UK SMEs. The new capital and funds from the deposit
taking products will enable Recognise Bank increase lending to the
UK's small and medium sized businesses.
Philip Jenks, Chairman of COLG and Recognise Bank,
commented:
"We are delighted that the PRA has lifted the deposit
restrictions for Recognise, a major milestone for COLG and
Recognise. We have completed the final step on the journey to
becoming a fully authorised digitally led bank which has been our
primary objective for three years. We have grown the Recognise
employee base to over 60 high calibre members and secured a strong
executive team, led by Jason Oakley as CEO.
"The recent capital raise and sale of Milton Homes will enable
us to realise our strategic ambitions for Recognise Bank, namely
increasing the size of the loan book with access to funding from
depositors through our business and personal savings products."
Enquiries
City of London Group plc
Michael Goldstein, Chief Executive
Officer +44 (0)20 3988 6501
Ben Peters, Director of Investor Relations +44 (0)20 3988 6500
Peel Hunt LLP (Nominated Adviser and
Joint Broker)
James Britton, Rishi Shah +44 (0)20 7418 8900
heather.armstrong@tavistock.co.uk
For media enquiries, please contact: 07929-116860
Heather Armstrong Or email colg@tavistock.co.uk
Tim Pearson
About City of London Group
City of London Group (AIM: CIN), is a forward-thinking
organisation focused on serving the UK SME market, predominantly
focused on lending to the SME market through its subsidiary,
Recognise Bank.
In 2020, the Company raised GBP27 million to launch Recognise
Bank which received AwR in November. The Board and leadership team
have extensive experience in the financial services arena and
expect to receive full authorisation for Recognise later in
2021.
For more information please visit:
https://www.cityoflondongroup.com/
About Recognise Bank Limited
Recognise Bank was formed to provide financial services to the
UK S mall and Medium Enterprises sector and the retail and business
savings markets. It will target an underserved but growing SME
segment offering a relationship-led, digitally enabled
proposition.
The bank's efficient technology-driven operating base, partners
with leading fintech platforms to create a market leading SME
service using the best-in-class technology. Recognise has a strong
independent Board and an executive team with over 200 years'
experience of banking. It aims to grow its base over the next five
years to more than 5,000 SME borrowers and over 50,000 savings
customers. Recognise is a subsidiary of the City of London Group
which is an AIM Listed Company (AIM: CIN) involved in the provision
of financial services.
Click here for further information on Recognise. Follow us on
our LinkedIn by clicking here .
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