UK FX provider, Moneycorp granted banking license
(4 April 2016 – United Kingdom) Foreign exchange provider, Moneycorp has secured a banking licence to offer currency deposits from a new base in Gibraltar.
The currency dealer, which started operations in 1979, is pushing forward with plans for international expansion with the launch of Moneycorp Bank, a new entity that will start operating in May.
The organisation has, over the last one and half years, taken measures to obtain the Gibralatar banking licence, which may allowed it expand throughout Europe under “passporting” regulations.
The new firm will be lead by Michael Azopardi, a former Credit Suisse banker.
With a banking licence, Moneycorp will be ableto hold deposits for customers who are trading foreign exchange. However, there is no indication that it plans to branch out into lending or other traditional banking services.
The group, best known for its airport currency kiosks, chose Gibraltar for its proximity to a number of existing clients and as a chance to take up new clients following an exodus of other high street firms from the region.
“We took some time, and looked at some acquisition opportunities, but what we wanted to do is quite specific and finding a bank that didn’t have loan books and so on was difficult,” said Moneycorp’s chief financial and operating officer Nick Haslehurst.
“It’s a big step for us, and we like to think we can use it as a springboard for international growth,” Haslehurst added.
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