Equals Group PLC (LON:EQLS) has agreed a global relationship with Citigroup Inc (NYSE:C) that will significantly increase the number of currencies it offers clients.
The agreement is expected to result in faster settlement and reduced transaction costs for Equals Group, with Citi Commercial Bank offering local settlement and clearance capabilities for payments in over 90 countries.
READ: Equals Group moving forward after change from FairFx name with 2019 outlook positive
James Hickman, chief commercial officer at Equals, which changed its name from FairFX in June, said: “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.”
Citi’s Rory Clark 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.”
In the first half of the year, Equals increased turbnover 18% to £1.3bn, while revenue margins “slightly improved” as the effects of supply chain rationalisation outweighed the impact of the strongest growth being in its lower-margin products.
Equals shares were up 6% to 127.8p.