Banking licence strategy update

City of London Group PLC announced on 19 December 2017, that it was recruiting a team under the leadership
of Jason Oakley, to start the process of obtaining a banking licence and creating a business with the purpose of
offering a real choice in commercial, SME, bridging and development finance.
COLG is now pleased to announce that it has entered into a formal agreement with the team comprising Jason
Oakley, Adrian Golumbina and Bryce Glover.
Under the agreement COLG is acquiring a 73% equity interest in Echo Financial Services Limited, a recently
established company with no material assets or liabilities. The remaining 27% equity interest will be held by
Jason Oakley, 15%; Adrian Golumbina, 10%; and Bryce Glover, 2%.


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