22nd Nov 2019 16:37
(Alliance News) - Investment firm City of London Group PLC said Friday its subsidiary, Recognise Financial Services Ltd, has formally submitted an application to the Prudential Regulatory Authority and Financial Conduct Authority to be authorised as a bank.
Once authorised, Recognise will be able to offer financial services to small and medium UK businesses, as well as the personal and business saving markets.
City of London Group already has interests in the asset finance, professional funding and bridging loans sectors, and intends to consolidate these assets into Recognise once it is authorised.
The group expects these plans to take place later in 2020. To prepare, City of London Group will look to raise new equity.
Shares in City of London Group was untraded in London on Friday at 135.00 pence.
By Dayo Laniyan; [email protected]
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