New bank Recognise to target ‘under-served’ SMEs
City regulators are considering banking request
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 cals “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.”