• Product
  • Web Stories
  • About Us
  • Today headline
  • Write for us
  • Contact Us
Today Headline
No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
No Result
View All Result
TodayHeadline
No Result
View All Result

Recognise Bank rakes in £95m in deposits in its first six months

Gilberto V. Sutton by Gilberto V. Sutton
in Parenting
Reading Time: 4 mins read
0 0
A A
0


Table of Contents

  • Newcomer Recognise Bank rakes in £95m in deposits and lends £100m to SMEs in its first six months
    • Share or comment on this article:

Newcomer Recognise Bank rakes in £95m in deposits and lends £100m to SMEs in its first six months

  • CEO Bryce Glover hailed the ‘huge lending milestone’
  • The new challenger bank is part of the City of London Group
  • It was given a full banking licence in September 2021

By Camilla Canocchi for Thisismoney.co.uk

Published: 08:12 EDT, 31 March 2022 | Updated: 11:47 EDT, 31 March 2022

Newcomer Recognise Bank has raked in £95million in deposits since receiving its full banking license six months ago.

The SME-focused lender also handed out some £100million to small and medium UK businesses in the period.

The new challenger bank, which is part of the City of London Group, was given the green-light to accept deposits and lend to customers in September 2021.

Raking in deposits: Savers have given Recognise Bank some £95m of their savings

Raking in deposits: Savers have given Recognise Bank some £95m of their savings

Recognise launched its first range of accounts just two days after receiving its full banking licence.

Its five-year fixed rate account shot straight into the best buy table with a savings rate of 2 per cent.

Recognise accounts can be opened with £1,000 but only online, cash is protected by the Financial Services Compensation Scheme to the tune of £85,000 and deposits are used to lend to small- and medium-sized businesses.

Recognise Bank chief executive, Bryce Glover, hailed the ‘huge lending milestone’.

‘Through our lending we have supported a wide range of growing firms – whether it’s to acquire their own business premises or to help fund a green housing development – who otherwise would have struggled to find a bank that understood their needs and was willing to lend to them,’ he said.

He added that customers were happy with their services, with customer satisfaction levels hitting an average score of 81, which is ‘well above the usual levels for the financial services sector’.

‘Our next chapter is to continue helping UK SMEs, who are the lifeblood of the UK economy, but with an even greater focus on technology,’ Glover continued.

The group is looking to ‘speeding up, streamlining and digitalising operational and customer touchpoints, as well as developing new products and services to help businesses with the financial challenges they face’.

In December, City of London Group reported a pre-tax loss of £5.8million for the six months ending 30 September, up from a loss of £2.6million the previous half.

The group said £5.6million of the latest half-year loss stemmed ‘from Recognise Bank, in line with its business plan, as it develops its business’.

City of London Group shares rose 3.5 per cent to 60p on Thursday.

Advertisement

Share or comment on this article:

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Share this:

  • Tweet
  • Reddit
  • Telegram
  • More
  • Pocket
  • Email
  • WhatsApp
  • Mastodon
  • Nextdoor
Gilberto V. Sutton

Gilberto V. Sutton

  • Trending
  • Comments
  • Latest

Your Slimming Essentials – The Weekly Pinch of Shopping 08.12.23

Sofie Kirk Kristiansen Net Worth

Are Travis Kelce and Taylor Swift engaged?

S&P 500: Buy The Breakout? – Week Starting 11th December (Technical Analysis) (SP500)

Detectives still waiting to arrest Dublin child stabbing suspect two weeks on – The Irish Times

Joe Flacco was sat on his couch. Now the Super Bowl isn’t impossible | Cleveland Browns

Schools Funding Plummets Into Deficit Risking A “Bleak” Future Of Staff Cuts

LIVE: Huge delays as M6 motorway shut and traffic held on M60 - latest updates

LIVE: Huge delays as M6 motorway shut and traffic held on M60 – latest updates

Leah Renee Net Worth – How Much is Renee Worth?

How to Watch & Stream Full Episode Online

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Joe Flacco was sat on his couch. Now the Super Bowl isn’t impossible | Cleveland Browns

Schools Funding Plummets Into Deficit Risking A “Bleak” Future Of Staff Cuts

LIVE: Huge delays as M6 motorway shut and traffic held on M60 - latest updates

LIVE: Huge delays as M6 motorway shut and traffic held on M60 – latest updates

Joe Flacco was sat on his couch. Now the Super Bowl isn’t impossible | Cleveland Browns

Schools Funding Plummets Into Deficit Risking A “Bleak” Future Of Staff Cuts

LIVE: Huge delays as M6 motorway shut and traffic held on M60 - latest updates

LIVE: Huge delays as M6 motorway shut and traffic held on M60 – latest updates

  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Web Stories
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline

No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Gear
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us

© 2023 All rights are reserved Today headline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In