UK’s newest bank appoints legal firm to panel

The Manchester office of global law firm Kennedys has been appointed to the panel of Recognise Bank, a new SME-focused UK bank which opened its Manchester office this week.

It operates in London, the Midlands, Manchester and Leeds.

Recognise Bank, is a subsidiary of AIM-listed City of London Group and is one of the first SME-focused banks to receive authorisation to operate as a bank since the pandemic began.

Initially it will commence lending on an unregulated basis and then extend to fully operational activities in early 2021.

As a panel firm, Kennedys will advise the bank on loan agreements and real estate finance, drawing expertise from its banking and real estate finance teams in Manchester and London.

Kennedys has advised the management team since the bank’s inception three years ago, working closely with the team to secure funding and facilitating the set-up of the new bank.

Reuben Berg, partner in Kennedys’ Manchester office, who is advising the bank, said: “We have worked with the management team at Recognise since the outset, including facilitating backing for the venture.

“We are pleased to be appointed to the bank’s legal panel so that we can continue to advise them as they establish themselves in the market.”

Co-founder and CEO of Recognise Bank, Jason Oakley, said: “Reuben and his team have a proven track record working with banking and financial organisations.

“Given that they have already worked closely on the establishment of Recognise it was natural that we would want to retain Kennedys’ expertise and appoint the firm to our panel.”