UK foreign exchange provider Moneycorp has obtained a bank licence in Gibraltar, which it has said will enable it to expand deeper into other European markets as part of its business development strategy.
The licence approval from the Gibraltar Financial Services Commission will see Moneycorp Bank, based in Gibraltar, start operations by May. It will hold deposits in multiple currencies, serving corporate and private clients.
the FX provider’s latest expansion comes after it last year acquired a minority stake in Brazilian peer Novo Mundo Corretora de Câmbio. Earlier in 2015 it opened an office in France to serve property investors and cross-border businesses.
Nick Haslehurst, CFOO of Moneycorp Group, said: “Moneycorp is making solid progress in establishing itself as a leading FX and international payments specialist, in overseas markets as well as the UK. The acquisition of a bank licence is a major step in this journey. It will enable moneycorp to continue its controlled growth within our existing international markets but also support expansion into new markets with stable economies and strong cross-border payments.”
Haselhurst added that the upcoming referendum on the UK’s membership in the EU would not upset the company’s plans.
“We believe there will be a need for moneycorp’s services whatever the outcome of the EU Referendum. It is a democratic decision and we have employees and customers with a wide range of views. Moneycorp has customers in the UK and Europe, and we will adjust to either circumstance.”