Recognise Bank has announced that its parent company, the City of London Group plc, has delisted its shares after an AGM vote backing the plan.

The delisting simplifies Recognise Bank’s corporate structure and follows the bank conditionally raising £25 million to support lending and to fund the continued development of new products and technology for SMEs.

Jean Murphy (pictured), CEO of Recognise Bank, said: “We are pleased to announce the delisting of our parent company, which simplifies the bank’s structure, making it more streamlined and efficient.

“This will support the delivery of our strategy to create new services and products for all our customers.”

Nicola Clark and Simon Monks from Azets, a specialist local accountants and business advisory group providing audit, payroll, corporate finance, tax and banking and finance services, are supporting the group with its corporate simplification strategy to achieve a platform from which it can deliver its future growth ambitions.