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City of Lon Grp PLC - Recognise submits formal application to be a Bank

RNS Number : 4197U
City of London Group PLC
22 November 2019
 

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; [email protected]  0207 566 9731

Bev Aujla, Lansons; [email protected] 020 7 294 3683

Or email [email protected] 

 


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Quick facts: City of London Group PLC

Price: 105

Market: LSE
Market Cap: £41.96 m
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