City Of London Group PLC Appointment of NED to Recognise subsidiary (1783K)
December 12 2018 - 1:00AM
UK Regulatory
TIDMCIN
RNS Number : 1783K
City Of London Group PLC
12 December 2018
Appointment of non-executive director to Recognise
subsidiary
City of London Group plc ("COLG") announces the appointment of
Simon Wainwright as the first non-executive director appointment
for its subsidiary, Recognise Financial Services Ltd ("Recognise"),
which is, as previously announced, in the process of applying for a
UK banking licence.
Simon Wainwright is MD and COO for Europe, Middle East and
Africa at global reinsurer RGA. Prior to this role, Simon held a
number of very senior positions at HSBC including CEO, HSBC
Ireland, Head of Business Banking, UK and COO, Corporate and
Structured Finance. He is also a NED of National Counties Building
Society.
The appointment underpins COLG's stated strategy to build a
business to provide financial services to the UK small and
medium-sized business market.
Michael Goldstein, CEO, City of London Group said: "We are
delighted to welcome Simon on board at this important stage of our
journey. He has hugely relevant executive experience across a range
of high-quality organisations and a deep understanding of the
regulatory environment. His input as we shape our new venture will
be invaluable."
Simon Wainwright said: "This is a great opportunity to become
involved with a genuinely exciting proposition to bring a credible
new business bank, led by a very experienced team, to the UK
market. The SME market is large and growing but still painfully
underserved, I hope to be able to use my skills to help Recognise
successfully fill part of that gap."
Enquiries
City of London Group plc
Michael Goldstein +44 (0)20 7583 5555
Peel Hunt LLP (nominated adviser and
broker)
James Britton, Rishi Shah +44 (0)207 418 8900
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Konductor Limited (PR adviser)
Katharine McNamara +44 (0)7966 505661
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LEI: 2138003UW63TMQ5ZFD85
Notes to Editors
About City of London Group
City of London Group is a forward-thinking organisation focused
on serving the UK SME market. It is primed for the future, but
grounded with traditional values and a strength and depth of
expertise, looking to grow through its two-pronged strategy.
The Group's expertise covers equity release, finance for the SME
sector, and secured lending. The Group has experience with
commercial banking and mortgages, and access to funding
arrangements such as commercial, SME, bridging and development
finance, home reversion plans, and asset and loan finance.
COLG ensures its services are always delivered with a personal
touch, so clients know that they are more than a customer and have
a partner that will work with them as they look towards the
future.
About Recognise
Recognise was formed to provide financial services to the UK SME
sector and the retail and business deposits market. Subject to the
successful granting
of a banking licence from the Regulator, it will target an
underserved but growing business customer population seeking
greater human contact, better speeds of response and execution,
flexibility of structuring and continuity of management.
If successful, the business expects to raise new capital (likely
equity) to grow its loan book. The executive team has extensive
experience of operating in the regulated banking sector, they have
faced the challenges of building SME banking portfolios, both
lending and savings, and consequently have a good understanding of
the market dynamics and the associated threats and
opportunities.
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END
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