In his latest blog, Jason Oakley, CEO of Recognise Bank, looks at the funding options open to businesses as they look to grow coming out of lockdown. It’s been a tough winter, but as coronavirus restrictions are relaxed and the government’s roadmap out of lockdown remains on track, there is a palpable feeling of confidence […]
How the new bank will serve underserved SMEs
Recognise Financial Services will be targeting the SME sector once it receives its banking licence from the regulators.
Parent group City of London Group is formally submitting its application to the Prudential Regulatory Authority and the Financial Conduct Authority for Recognise to be authorised as a bank.
Recognise, has an independent, fully constituted board under the chairmanship of Philip Jenks, previously chairman of Charter Court Financial Services.
Once authorised, Recognise will offer financial services to the UK SME sector and the personal and business savings markets.
The new enterprise, and its experienced management team, will target what it calls “the vital but under-served SME lending market”.
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 later in 2020.
As previously announced, COLG will seek to raise new equity to finance the plans for Recognise.
Jason Oakley, CEO of Recognise, said: “I am very proud of the team’s effort in reaching the formal application stage. Our objective remains unchanged, to bring a fresh new face to the UK SME banking market in 2020 built on very solid foundations and with an exciting future.”
Colin Wagman, Chairman of COLG, said: “This is a fantastic result for COLG and is a huge credit to the team at Recognise led by Phil Jenks, Jason Oakley and Bryce Glover. We look forward to launching the service we promised to those who greatly need it.”
Michael Goldstein, CEO of COLG said: “COLG has followed a very clear strategy since late 2017 and this is a critical stage we have successfully reached.
We now aim to submit our formal application and move to the next round of investment in early 2020.
We have put in place a strong and experienced board for Recognise to support the ambitions of the executive team and we firmly believe that this is the optimum time to launch a new service that will deliver relationship-banking to currently underserved UK SMEs.
Recognise is a partner of Family Business United, a global magazine and resource centre that brings together the family business community via news, insights, research and events. Paul Andrews, its founder and editor-in-chief, spoke to Recognise CEO, Jason Oakley, to understand more about the creation of the bank and its approach to finance for the family […]
Recognise Bank, the UK’s newest SME Bank, is pleased to announce the appointment of Damian Trussler as Head of Savings and Payments. Damian will lead the launch of the Bank’s personal savings products once the full banking licence is granted and then also develop the suite of Business Savings accounts which will follow later in […]