City of London Group (COLG) has appointed Philip Jenks as chairman, joining from Charter Court Financial Services Group where he worked as deputy chairman.
This appointment is aimed at preparing COLG subsidiary Recognise Financial Services to launch its offering of financial services to the UK SME sector as well as retail and business deposits.
Last month it raised £15m to support the recognise brand which is currently applying for a banking licence.
Jenks has more than 40 years’ experience in the financial services and mortgage industries.
He began his career with Halifax Building Society, rising to general manager of mortgages, and then on to various director roles with Halifax Bank of Scotland running the UK’s largest mortgages and savings business across several different brands.
He has also been a non-executive director (NED) at Leeds Building Society since 2011 and has previously acted as specialist adviser to the Housing Finance Select Committee.
His appointment follows those of former Arachnys chief financial officer Louise McCarthy, former KPMG partner Richard Gabbertas and Simon Wainwright, MD and COO for Europe, Middle East and Africa at global reinsurer RGA, as independent NEDs of Recognise.
Journey to banking licence
Michael Goldstein, CEO at COLG, said: “Philip’s proven leadership skills, breadth of experience, his track record of growing businesses and specifically his deep understanding of the regulatory environment and the banking authorisation process, are invaluable to the recognise board as we progress our SME banking licence application.”
Jenks said that he was looking forward to helping take the lender to the next level on its journey to becoming a licensed bank.
He added: “I have been very impressed with the quality of the team, their experience and insight into the SME banking sector and the compelling strategy they are driving forward.
“Having been on a successful journey with a similar organisation, I feel confident I can add real value to Recognise.”