Jason Oakley, chief executive officer of Recognise Bank, has left with immediate effect.

Oakley was co-founder of Recognise Bank, alongside deputy CEO, Bryce Glover.

Glover has been appointed interim CEO with immediate effect, while the board begins the process of selecting a new CEO.

Plans have also been announced to further accelerate Recognise Bank’s digital innovation programme with the creation of a dedicated Innovation Hub, leveraging Recognise Bank’s existing technology infrastructure to develop new and improved products and services, create new revenue streams, and help to deliver cost efficiencies.

To invest in these vital technology capabilities, the company says it will optimise its capital and resources.

The bank said it this would affect its overall headcount over the coming months.

Philip Jenks, chairman of City of London Group, Recognise Bank’s parent, said: “We have already built a successful new bank for the UK’s SMEs. The acceleration of Recognise Bank’s digital programme will ensure Recognise Bank remains strong as we enter the next exciting chapter, using our technology and innovation to develop new opportunities.

“On behalf of the board, I would like to thank Jason for being the driving force for Recognise Bank from day one, developing the vision we have followed to create a successful commercial lending and personal savings provider. We wish him well for the future.”