Recognise Financial Services, a subsidiary of the City of London Group, has appointed a fifth Independent Non-Executive Director (INED).

Moorad Choudhry joins the recently appointed chairman Philip Jenks and fellow INEDs Louise McCarthy, Richard Gabbertas and Simon Wainwright.

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Choudhry started his career as an analyst at The London Stock Exchange and later moved on to roles at companies including ABN Amro, KPMG, JP Morgan Chase, Europe Arab Bank and RBS.  He was previously chief executive officer of Habib Bank UK and, most recently, worked at Cambridge and Counties as head of asset and liability management.

Additionally Choudhry has extensive experience managing businesses across wholesale, commercial and retail banking lines and led the Treasury workstream as part of the RBS divestment (“Williams & Glyn”) banking license application to the PRA/FCA.

Recognise remains subject to the granting of a banking licence, and is looking to focus on the SME lending arena.

Philip Jenks, chairman of Recognise, said: “I am very pleased to have Moorad join us as our fifth INED for Recognise and his wealth of experience adds to the breadth of expertise we now have sitting across our board helping to guide the business on the next step of our journey towards achieving a full banking licence and entering the market.’’

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Choudhry said: “It is an exciting time to be joining Recognise and I look forward to playing a part in the creation of a new SME focused bank led by a very experienced management team. The banking market is changing and Recognise has robust and exciting plans to bring more choice to business owners.”

In March the City Of London Group received commitments to raise £15.2m in new funds to support the development of its SME lending business.

The capital raising was effected through a combination of the issue to certain new and existing shareholders of, in aggregate, 10,520,000 new ordinary shares of £0.02 each.