Recognise Bank has secured £25 million in fresh capital to implement its five-year financial strategy.
- The bank’s total funding now exceeds £120 million, fuelling its growth in business lending.
- Parasol V27, linked to Ruth Monicka Parasol, contributed the new investment.
- Leadership changes include the appointment of Simon Bateman as CEO and Steve Pateman as chair.
- Jean Murphy and Phil Jenks, pivotal leaders, are stepping down from their positions.
Recognise Bank recently secured a significant investment of £25 million from its primary shareholder, a move that will support the implementation of its strategic five-year financial plan. This latest capital injection elevates the bank’s total funding to over £120 million. This new financial boost is expected to propel the bank’s growth, particularly in the area of business lending across various product lines.
The investment was provided by Parasol V27, a wholly owned investment vehicle associated with the family office of Ruth Monicka Parasol, a well-known figure in real estate and technology ventures. Her involvement underscores the bank’s potential for expansion and innovation in its lending services.
Amidst this financial bolstering, Recognise Bank is also experiencing significant changes in its leadership structure. Phil Jenks, who has been a steady leader as chair, will transition to an independent non-executive director role before year-end. Additionally, Jean Murphy, who has served as the bank’s chief executive officer, will be concluding her tenure by the end of the year.
In preparation for this transition, the bank has strategically appointed Simon Bateman as the new chief executive officer and Steve Pateman as chair, subject to regulatory consent. Steve Pateman expressed enthusiasm about the bank’s future, noting the substantial progress achieved under the leadership of Jenks and Murphy. In his words, “Under Jean and Phil’s leadership, the Bank has made progress on many fronts, such as surpassing £300 million in lending and attracting £450 million in savings.”
Phil Jenks reflected on his tenure positively, highlighting the bank’s readiness to reach profitability and deliver value to its stakeholders. He mentioned, “I am fortunate to have been with Recognise since 2019 and am pleased that the Bank has received this capital injection.” Meanwhile, Jean Murphy expressed her gratitude for the opportunity to lead the bank, crediting the team and board for their unwavering support, particularly during the recent capital acquisition phase.
The strategic investment and leadership changes position Recognise Bank for a promising future in the financial sector.
