Major milestone as moneycorp acquires bank licence
Moneycorp, the UK’s leading foreign exchange provider, has successfully completed its application to acquire a bank licence.
The new licence from Gibraltar will allow moneycorp to continue its expansion into European markets – a key element of its international growth strategy. Once fully operational in May 2016, Gibraltar-based Moneycorp Bank will hold deposits in multiple currencies and service the payment needs of corporate and private clients in Gibraltar. The Bank will operate as a separate legal entity to moneycorp’s main operating company which is headquartered in the UK. Moneycorp Bank will be regulated in Gibraltar by the Gibraltar Financial Services Commission.
Moneycorp’s overseas expansion has accelerated during 2015 and 2016. Most recently moneycorp announced the launch of one of its largest ever commercial partnerships with global news giants CNN, representing a solid platform for expansion into the US market. In August 2015, moneycorp signed an agreement to acquire a minority stake in Novo Mundo Corretora de Câmbio, a fast-growing Brazilian foreign exchange business. Earlier in 2015, the business opened an office in France to service consumers taking advantage of property investment opportunities, and businesses exporting across the border.
Moneycorp’s overseas growth strategy is being delivered in the context of its thriving UK business, which enjoyed record growth during 2015 with more customers, more transactions and greater market share. Customer retention for the business is at an all-time high.
Moneycorp Bank has appointed Michael Azopardi to lead the business as CEO. Colin Buchan will be chairman of Moneycorp Bank’s board and Mark Horgan, CEO of Moneycorp Group and Nick Haslehurst, CFOO of Moneycorp Group, will both have non-executive roles on the board.
Nick Haslehurst, CFOO of Moneycorp Group, said:"Moneycorp is making solid progress in establishing itself as a leading FX and international payments specialist, in overseas markets as well as the UK. The acquisition of a bank licence is a major step in this journey. It will enable moneycorp to continue its controlled growth within our existing international markets but also support expansion into new markets with stable economies and strong cross-border payments.”