City of London Group PLC Board Changes (4964Z)
May 24 2021 - 1:00AM
UK Regulatory
TIDMCIN
RNS Number : 4964Z
City of London Group PLC
24 May 2021
24th May 2021
CITY OF LONDON GROUP PLC
("COLG" or the "Company")
Board Changes
City of London Group Plc (AIM: CIN) announces that Colin Wagman
will be retiring from his role as Non-executive Chairman of the
Company on 10(th) June 2021. We are pleased to confirm that Philip
Jenks, Chairman of COLG's subsidiary Recognise Bank, will succeed
Colin as Non-executive Chairman of COLG on 10(th) June 2021.
Colin has been Chairman since October 2017, during which time
COLG has successfully launched Recognise Bank, culminating in it
receiving Authorisation with Restrictions ("AwR") in November
2020.
Having successfully delivered the new corporate strategy set out
in late 2017, and with the next phase of Recognise's development to
begin shortly as a fully licensed bank, Colin believes that this is
a logical time to step down and pass the Chairmanship to Philip
Jenks who he has worked closely with in recent years.
Philip Jenks was appointed as an Independent Non-Executive
Director to COLG in February 2021 and has had a long and successful
career in banking. Before joining Recognise in 2019, he was first
an independent Non-Executive Director and then Chairman at Charter
Court FS Group and was closely involved in its successful banking
licence application. After obtaining banking permissions in 2015,
Philip was involved in the launch of Charter Savings followed by a
successful IPO in October 2017. His experience also includes being
a Non-Executive Director of Leeds Building Society between 2011 and
2020 and in 2020 he became Chair of Auden Group Ltd, a 'for profit'
Social Enterprise intent on changing the face of UK consumer
finance.
Michael Goldstein, CEO of City of London Group , commented: "I
would like to give my thanks to Colin for his hard work over the
past three-and-a-half years. His knowledge, experience and
leadership have helped immensely as we embarked on our journey to
launch a new relationship-driven SME bank.
"As Recognise moves towards receiving its full banking licence
and the Bank is positioned centre and forefront of the Group's
strategy, I am delighted that Philip has agreed to become Chairman
of COLG which will provide excellent continuity."
For further information, please contact:
City of London Group plc
Michael Goldstein (CEO)
Ben Peters (Director of
IR) +44 (0)20 3988 6500
Peel Hunt LLP (Nominated
Adviser)
James Britton
Rishi Shah +44 (0)20 7418 8900
For media enquiries, please heather.armstrong@tavistock.co.uk
contact: / 07929-116860
Heather Armstrong Or email colg@tavistock.co.uk
Tim Pearson
About City of London Group
City of London Group (AIM: CIN), is a forward-thinking
organisation focused on serving the UK SME market, predominantly
focused on lending to the SME market through its subsidiary,
Recognise Bank.
In 2020, the Company raised GBP27 million to launch Recognise
Bank which received AwR in November. The Board and leadership team
have extensive experience in the financial services arena and
expect to receive full authorisation for Recognise later in
2021.
For more information please visit:
https://www.cityoflondongroup.com/
About Recognise Bank Limited
Recognise Bank was formed to provide financial services to the
UK S mall and Medium Enterprises sector and the retail and business
savings markets. It will target an underserved but growing SME
segment offering a relationship-led, digitally enabled
proposition.
The bank's efficient technology-driven operating base, partners
with leading fintech platforms to create a market leading SME
service using the best-in-class technology. Recognise has a strong
independent Board and an executive team with over 280 years'
experience of banking. In five years', time it aims to reach 54,000
depositors and 5,100 borrowers. Recognise is a subsidiary of the
City of London Group.
Click here for further information on Recognise. Follow us on
our LinkedIn by clicking here .
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