CAB Payments receives approval to operate representative office in New York

(Sharecast News) - Payment processing and FX business CAB Payments said on Wednesday that its Crown Agents Bank subsidiary has received approvals from the Board of Governors of the Federal Reserve System and the New York State Department of Financial Services to operate a representative office in New York. CAB Payments said the New York representative office will act as a regional business hub for CAB, enabling it to continue to serve its existing clients while driving new client business in the region.

The London-listed group highlighted that its licensed presence in the United States would also help it to build stronger relationships with US Dollar clearing partners and to further support FX and payment flows from clients across South and Central America.

Chief executive Neeraj Kapur said: "This presence in one of the world's leading financial centres further enhances our network, allowing us to better serve existing and new clients. With on-the-ground presence in the UK, Europe and now the US, we are creating a business with global reach.

"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."

As of 0950 BST, CAB Payments shares were up 8.92% at 44.93p.

Reporting by Iain Gilbert at Sharecast.com