Foreign exchange firm Moneycorp has had it’s application for a banking licence granted, which will be used to fuel expansion into European markets.
The licence will allow Moneycorp to offer currency deposits from Gibraltar under the name Moneycorp Bank to customers trading foreign exchange.
The bank doesn’t currently have plans to branch out into more traditional banking services.
“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,” said Nick Haslehurst, chief financial and operating officer of Moneycorp. “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.”
Former Credit Suisse banker Michael Azopardi has been appointed as chief executive of the new bank.
Moneycorp’s bank is the latest in a flurry of expansion moves. In December last year Moneycorp struck a deal with broadcaster CNN to expand into the US and in August Moneycorp acquired a minority stake in a Brazilian forex firm.