Cambridge Mercantile Group

Cambridge Mercantile Group

June 18, 2013 10:59 ET

UK's Fastest Growing International FX & Payments Business Acquires Bank's FX Arm

LONDON, UNITED KINGDOM--(Marketwired - June 18, 2013) - Cambridge Mercantile Group, the UK's fastest growing international FX and payments business1, is to acquire the FX division of Raphaels Bank.

The purchase is a clear statement of intent by Cambridge, which grew its UK turnover by 48% in 2012.

Founded 20 years ago in Canada, Cambridge Mercantile Group turned over £19 billion globally in 2012 - up by a fifth on the previous year.

Raphaels Bank is one of Britain's oldest independent banks, and was founded in 1787.

When the purchase is completed on 2nd July, Raphaels' dedicated commercial foreign exchange division and enviable client book will migrate to Cambridge's UK headquarters in the City.

Commenting on the purchase, Cambridge Mercantile Group's chief executive officer Bernard Heitner said: "Personally, I am delighted with this move. Though Cambridge is already recognised as one of the most trusted and respected providers of global payments and foreign exchange in North America, this further propels us into the same realm in Europe, expanding our footprint in a more diverse marketplace.

"The move coincides with Cambridge's 20th anniversary, and cements our commitment to fostering trust and growth among our client base.

"Raphaels Bank, widely recognised in the UK payments field as a leading provider of foreign exchange, is passing its own exceptional client base to Cambridge, and we look forward to building the same strong relationship with them."

David Clark, Managing Director, Cambridge Mercantile Group Europe, added: "I am confident that the high calibre of our employees, combined with their motivation to provide exemplary service, will make this transition a seamless one.

"We are looking forward to the challenges and opportunities involved in taking on a project of this magnitude. In addition to increasing the use and presence of our cutting-edge online platform, it will enable us to focus on a more proactive approach to positioning ourselves in the competitive European payments environment."

1 - Source Plimsoll Business Intelligence

Notes to editor

About Cambridge Mercantile Group:

Cambridge Mercantile Group was founded in 1992 by Jacques Feldman and Bernard Heitner. Its guiding principle is that every client, no matter how big or small, deserves to have immediate access to foreign exchange and payments expertise in order to facilitate their global payables and receivables.

It provides a full range of global payment services to its corporate clients, from FX hedging and international payment processing to a unique online portal for global currency transactions.

It has offices across North America and its European headquarters are in the City of London.

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