City of London Group: Prudential Regulation Authority Lifts Deposit Restriction on Recognise Bank
20 September 2021 - 6:30PM
Dow Jones News
By Sabela Ojea
City of London Group PLC, the parent company of Recognise Bank,
said Monday that the Bank of England's Prudential Regulation
Authority has lifted the deposit restrictions on the bank and it
will therefore be able to launch its personal- and business-savings
products and start taking deposits.
The U.K. investment company said Recognise Bank will launch its
product on Sept. 21, noting that its business-savings products will
be launched later.
"The recent capital raise and sale of Milton Homes will enable
us to realize our strategic ambitions for Recognise Bank, namely
increasing the size of the loan book with access to funding from
depositors through our business and personal-savings products,"
said Philip Jenks, Chairman of City of London Group and Recognise
Bank.
Shares at 0751 GMT were down 2.00 pence, or 2.7%, at 71.50
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
September 20, 2021 04:15 ET (08:15 GMT)
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