31st Oct 2019 18:11
(Alliance News) - Investment firm City of London Group PLC said Thursday its subsidiary will be formally submitting its application to become an authorised bank to UK regulators.
Recognise Financial Services Ltd will formally submit its application to UK Prudential Regulatory Authority and the Financial Conduct Authority to be authorised as a bank in November.
Once authorised, Recognise will offer financial services to the UK small & medium-sized enterprises sector as well as the personal and business savings market.
"COLG has followed a very clear strategy since late 2017 and this is a critical stage we have successfully reached," City of London Chief Executive Officer Michael Goldstein said. "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", Goldstein added.
Shares in City of London closed untraded at 133.90 pence in London on Thursday.
By Ahren Lester; [email protected]
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