City of London Group welcomes Philip Jenks, Richard Gabbertas, Louise McCarthy and Moorad Choudhry to its Board as Independent Directors

– UK, London –  City of London Group plc (LON: CIN), the parent company of Recognise Bank, today announced the appointments of Philip Jenks, Richard Gabbertas, Louise McCarthy and Moorad Choudhry to its Board as Independent Non-Executive Directors with immediate effect.

The New Directors are all Independent Non-Executive Directors of Recognise Bank Limited and have been added to strengthen the Board’s banking expertise.

“We are delighted to welcome Philip, Richard, Louise and Moorad to the board of COLG, their breadth and depth of experience will be invaluable to the Company as we progress into our next phase of growth. We are immensely proud to be able to attract this calibre of expertise to our board and it is a testament to our ongoing strategy and business model as a challenger in the SME banking market that we are able to do so.” said Board Chairman, Colin Wagman.

About Philip Jenks

Philip Jenks 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 a successful banking license application. After obtaining banking permissions in 2015 Philip was involved in the launch of Charter Savings followed by a successful IPO in October 2017. Philip’s 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.

About Richard Gabbertas

Richard Gabbertas joined KPMG in 1980 and was a partner from 1995. Until his recent retirement, he led KPMG’s Regional Financial Services Practice providing audit and advisory services to a range of household names in the sector from established banks and building societies to new entrants. He has extensive knowledge of financial services and a deep understanding of banking regulation.

About Louise McCarthy

Louise McCarthy is a highly qualified CIO, CFO, and business change leader with over 35 years’ experience in large private and public sector organizations, embracing complex technology and digital transformation strategies. In recent years, Louise has been IT Transformational / Change Director at HM Revenue & Customs followed by contractor roles as Transformational Director at Aviva, and Specsavers, then CIO Digital Transformation at the European Bank for Reconstruction and Development. Latterly, Louise was contracted to HSBC as COO, Global Group Digital Transformation and was a ‘2017 CIO Women in IT’ finalist, Nominated Leading UK Female CIOs for the last five years, and a speaker on Digital Transformation. Currently, Louise is a senior advisor in digital practice at Bain and Co.

About Moorad Choudhry

Moorad Choudhry was a former CEO of Habib Bank and has extensive experience in managing businesses across wholesale, commercial, and retail banking lines. He has a proven track record in delivering treasury P&L at a number of the banks he’s worked at and is a respected industry commentator on balance sheet risk management, capital management, and risk governance infrastructure. His experience extends to managing large and complex banking group balance sheet structures from balance sheet risk, ALM, liquidity, capital, and interest rate risk.

About City of London Group

City of London Group is a forward-thinking organization 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 £27 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 authorization for Recognise later in 2021.

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About Recognise Bank Limited

Recognise Bank was formed to provide financial services to the UK Small 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 in banking. In five years’, the time it aims to reach 54,000 depositors and 5,100 borrowers. Recognise is a subsidiary of the City of London Group.

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