Highly experienced in banking and capital markets, Jean will lead the small business bank as it accelerates its digital development
Recognise Bank, the digital SME lender and savings bank, has appointed Jean Murphy as Chief Executive Officer (CEO). Jean brings over 25 years of experience of banking and capital markets for several leading global institutions. She is also experienced in building businesses, both within financial institutions and having founded and managed a successful wealth management firm.
The appointment is subject to final approval by the Prudential Regulation Authority (PRA).
Launched in November 2020, Recognise achieved £100 million in commercial lending and £100 million in business and personal savings deposits since receiving its full banking licence in September 2021. Jean will now lead the Bank as it further develops it digital capability to create new and improved products and services, while maintaining the relationship banking approach that has proven so popular with UK SMEs.
Jean will also spearhead future fundraising rounds by Recognise Bank, which has already raised over £65 million, using her extensive knowledge of private and institutional investors.
Jean previously held senior roles at a number of international banks, including Director of Private Banking at Morgan Stanley and Executive Director of Goldman Sachs Wealth Management Division. She also set up a successful investment management consultancy advising family offices and high net worth Individuals.
Jean said: “This is an exciting opportunity to lead a new bank, driven by a talented, energised team of people who are passionate about helping SMEs. My role is to set out the next stage of the Recognise journey and build a strategy for growth and innovation.
“British businesses face significant challenges over the coming years, but there is also huge potential for success. What they need is the support of a bank that is driven by expertise, insight and imagination, with a strong focus on anticipating and meeting their financial needs.”
Phil Jenks, Chair of the City of London Group, the parent company of Recognise Bank, said: “Jean brings huge experience of banking and capital markets to this role, along with a vital entrepreneurial spirit gained from building her own successful company, which gives her an appreciation of the challenges that business owners face.
“On behalf of the Board, I am delighted to welcome Jean as CEO and look forward to working with her in the exciting years ahead.”
Ms Murphy takes up the role after Jason Oakley, Recognise Bank’s co-founder, stepped down in March 2022 having led the Bank from a fledgling idea to a fully authorised commercial lender and savings bank.
Fellow co-founder Bryce Glover took over as interim CEO while the search for a new Chief Executive was ongoing. He will now return to his former role as Deputy CEO.
Recognise Bank was created to provide SMEs with a digital bank offering a range of unregulated lending options via a network of relationship managers based in hubs around the UK. The Bank also offers personal savings accounts and business savings accounts. Six months after full authorisation the Bank hit a milestone of £100 million in lending and has now attracted £100 million in savings deposits. Its last fundraise in May brought in £8.7 million in fresh capital.