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Casino software pioneer Ruth Parasol investing in start-up bank

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Ruth Parasol was one of four founders of Party Gaming, an online casino software pioneer

Ruth Parasol, the self-made multimillionaire who co-founded Party Gaming, has had a £25 million investment approved in a new bank. 

Ms Parasol, who has a large property portfolio in London, America, Israel and elsewhere, is investing in City of London Group, an Aim-listed company which is launching a bank called Recognise. The start-up, which is expected to receive a banking licence in the next few weeks, aims to target small and medium-sized businesses.Ms Parasol was one of four founders of Party Gaming, an online casino software pioneer. It merged with an Austrian rival, Bwin, in a £2 billion deal. Bwin was then bought by GVC Holdings, which owns Ladbrokes. Ms Parasol, 53, is worth about £780 million, according to The Sunday Times Rich List. 

The Financial Conduct Authority has approved her £25 million overseas investment in the British embryonic lender and deposit-taker. It is one of the largest single commitments to the banking sector since the pandemic. 

The City of London Group has two other primary investors from the property world — the Ritblat family and Max Barney, from the Bard family. 

The holding company has raised £40 million to launch Recognise, which plans to have a presence across the country. Recognise will be led by Jason Oakley, former managing director of commercial banking and mortgages at Metro Bank, with Philip Jenks, a former HBOS banker, as chairman, and Bryce Glover, former commercial director at Nationwide building society, as deputy chief executive. 

This article appeared in The Times on 2nd October 2020.

Contact for media enquiries

Paul Beadle, Head of Communications, Recognise Bank

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