By Sabela Ojea

 

City of London Group PLC, the parent company of Recognise Bank, said Monday that the Bank of England's Prudential Regulation Authority has lifted the deposit restrictions on the bank and it will therefore be able to launch its personal- and business-savings products and start taking deposits.

The U.K. investment company said Recognise Bank will launch its product on Sept. 21, noting that its business-savings products will be launched later.

"The recent capital raise and sale of Milton Homes will enable us to realize 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," said Philip Jenks, Chairman of City of London Group and Recognise Bank.

Shares at 0751 GMT were down 2.00 pence, or 2.7%, at 71.50 pence.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

September 20, 2021 04:15 ET (08:15 GMT)

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