City Of London Group PLC Appointment of NED to Recognise subsidiary (1886O)
28 January 2019 - 6:00PM
UK Regulatory
TIDMCIN
RNS Number : 1886O
City Of London Group PLC
28 January 2019
Appointment of non-executive director to Recognise
subsidiary
-- Second Independent NED for Recognise Financial Services Ltd
("Recognise") which is applying for a banking licence
-- Richard Gabbertas appointed, until recently a partner with
KPMG where he led the UK Regional Financial Services Practice
-- Will chair the Audit Committee
Aim-listed City of London Group ("COLG") has announced the
appointment of a second independent NED to its subsidiary,
Recognise Financial Services Ltd, which is applying for a banking
licence.
Richard Gabbertas recently retired from KPMG which he joined in
1980 and was a partner from 1995. In recent years he has led KPMG's
Regional Financial Services Practice providing audit and advisory
services to a range of household names in the sector. He has
extensive knowledge of financial services and a deep understanding
of banking regulation.
The appointment adds further strength to the board of Recognise
Financial Services Ltd as it continues to progress its banking
licence application to create a new SME bank. The Recognise team is
highly experienced and led by Jason Oakley, former MD, Commercial
Banking at Metro Bank.
Michael Goldstein, CEO, City of London Group said "We are
determined to build a very strong board to support the creation of
our new business bank. Richard has a fabulous understanding of the
financial services sector, an extensive professional network and a
first-class reputation. We are absolutely delighted to secure him
for Recognise."
Richard Gabbertas said "I have been impressed by the quality of
the Recognise team, their knowledge of the SME banking sector and
the coherent strategy they intend to deliver. This is a great
opportunity to play an important role in a market where new
entrants are bringing welcome competition and choice."
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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