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Equals Group Plc

Banking Partnership With Citi

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RNS Number : 6411G
Equals Group PLC
25 July 2019
 

25 July 2019

Equals Group plc

("Equals" or "the Group" or "the Company")

Banking Partnership With Citi

 

Equals Group PLC, the e-banking and international payments group, is pleased to announce that it has entered into a global relationship with Citi Commercial Bank.

 

The Group will leverage Citi's extensive global footprint to enhance its current product offering and bring even more efficiencies to current processes. Citi has local settlement and clearance capabilities for payments in over 90 countries, which together will improve the customer experience through faster settlement and deliver improved economics for Equals in terms of reduced transaction costs. The partnership will also significantly increase the number of currencies Equals is able to offer clients, with more than 135 being available on Citi's WorldLink platform. 

 

Commenting on the new arrangements, Rory Clark, Equals Group Plc's Relationship Manager at Citi Commercial Bank, said: "Citi is excited to be supporting the growth aspirations of Equals Group Plc through a combination of our global network and market-leading foreign exchange and cash management solutions."

 

James Hickman, Equals Group CCO, commented: "We are delighted to have partnered with a global banking brand like Citi. This demonstrates our desire for innovation and commitment to providing best in class services to our clients. Partnering with Citi not only allows us to offer local clearing and settlement across the globe, but their WorldLink platform also has many other exciting pieces of functionality which will create efficiencies for the Group and our clients."

 

This announcement contains inside information.

 

For more information, please contact:

Equals Group plc        

Ian Strafford-Taylor, CEO

James Hickman, CCO

 

+44 (0) 20 7778 9308

Cenkos Securities plc - Nominated Advisor and Joint Broker

 

Max Hartley (Nomad)

Callum Davidson   

Nick Searle - Sales

 

+44 (0) 20 7397 8900

Canaccord Genuity Limited - Joint Broker

 

Bobbie Hilliam
David Tyrrell

Alex Aylen - Sales

 

+44 (0) 20 7523 8150

Yellow Jersey                         

 

Charles Goodwin

Joe Burgess

Annabel Atkins

 

 

 

+44 (0) 7747 788 221

+44 (0) 7796 325 254

+44 (0) 7983 557 851

 

 

About Equals

 

Equals is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model. Our business enables personal and business customers to make easy, low-cost payments both domestically and in a broad range of currencies and across a range of products all via one integrated system. The Equals platform facilitates payments either direct to Bank Accounts or at 35 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

 

Equals provides money movement services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, Equals has a market-leading business-expenses solution based around its corporate platform and prepaid card. This service can yield significant savings on a Corporate's expenses and procurement both domestically and overseas, through better controls and improved transparency. The platform also streamlines the downstream administrative processes and integrates into accounting software, thus saving costs. Equals offers retail and business bank accounts with all the functionality you would expect from a bank, namely faster payments, BACs, direct debits, international payments and a debit card.

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Equals Group Plc

Price: £1.03

Market: AIM
Market Cap: £181.74 m
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