CAB Payments Holdings PLC - London-based payment processing and foreign exchange provider - Says subsidiary Crown Agents Bank Ltd has received approval from the board of governors at the Federal Reserve System and the New York State Department of Financial Services to operate an office in New York. This representative office will acts as a regional business hub for the subsidiary, serving both existing clients and driving new client business in the region. A US presence will also help build stronger relationships with US dollar clearing partners, and further support foreign exchange and payment flows from clients in South and Central America, the company says.
‘With on-the-ground presence in the UK, Europe and now the US, we are creating a business with global reach,’ says Chief Executive Officer Neeraj Kapur. ‘We are excited to bring our best-in-class FX and cross-border payment services to the Americas, helping businesses overcome the complexities of operating in hard-to-reach markets.’
Current stock price: 43.87 pence, up 6.4% in London on Wednesday afternoon
12-month change: down 71%
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