Recognise Bank has appointed Jean Murphy as its new chief executive officer (CEO).

Murphy (pictured) has over 25 years of experience of banking and capital markets for several leadng global institutions. She is also experienced in building businesses, both within financial institutions and having founded and managed a wealth management firm.

The appointment is subject to final approval by the Prudential Regulation Authority (PRA).

She will now lead the bank as it further develops it digital capability to create new and improved products and services. She will also spearhead future fundraising rounds by Recognise Bank, which has already raised over £65 million, using her extensive knowledge of private and institutional investors.

Murphy previously held senior roles at a number of international banks, including director of private banking at Morgan Stanley and executive director of Goldman Sachs Wealth Management Division. She also set up an investment management consultancy advising family offices and high net worth individuals.

Murphy said: “This is an exciting opportunity to lead a new bank, driven by a talented, energised team of people who are passionate about helping SMEs. My role is to set out the next stage of the Recognise journey and build a strategy for growth and innovation.

“British businesses face significant challenges over the coming years, but there is also huge potential for success. What they need is the support of a bank that is driven by expertise, insight and imagination, with a strong focus on anticipating and meeting their financial needs.”

Phil Jenks, chair of the City of London Group, the parent company of Recognise Bank, added: “Jean brings huge experience of banking and capital markets to this role, along with a vital entrepreneurial spirit gained from building her own successful company, which gives her an appreciation of the challenges that business owners face.

“On behalf of the Board, I am delighted to welcome Jean as CEO and look forward to working with her in the exciting years ahead.”

Murphy takes up the role after Jason Oakley, Recognise Bank’s co-founder, stepped down in March 2022 having led the Bank from a fledgling idea to a fully authorised commercial lender and savings bank.

Fellow co-founder Bryce Glover took over as interim CEO while the search for a new chief executive was ongoing. He will now return to his former role as deputy CEO.