Cambridge Mercantile Group acquires historic bank’s FX arm
Cambridge Mercantile Group, the UK international FX and payments business, is to acquire the FX division of Raphaels Bank.
Cambridge, which grew its UK turnover by 48% in 2012, said the purchase indicated its intentions towards the market.
Founded 20 years ago in Canada, Cambridge Mercantile Group turned over £19bn globally in 2012 – up by a fifth on the previous year.
Raphaels Bank is Britain’s second oldest independent bank, and was founded in 1787.
When the purchase is completed on 2nd July, Raphaels’ commercial foreign exchange division and enviable client book will migrate to Cambridge’s UK headquarters in the City.
Commenting on the purchase, Cambridge Mercantile Group’s CEO Bernard Heitner said: “Personally, I am delighted with this move. Though Cambridge is already recognised as one of the most trusted and respected providers of global payments and foreign exchange in North America, this further propels us into the same realm in Europe, expanding our footprint in a more diverse marketplace.
“The move coincides with Cambridge’s 20th anniversary, and cements our commitment to fostering trust and growth among our client base.
“Raphaels Bank, widely recognised in the UK payments field as a leading provider of foreign exchange, is passing its own exceptional client base to Cambridge, and we look forward to building the same strong relationship with them.”
David Clark, managing director, Cambridge Mercantile Group Europe, added: “I am confident that the high calibre of our employees, combined with their motivation to provide exemplary service, will make this transition a seamless one.
“We are looking forward to the challenges and opportunities involved in taking on a project of this magnitude. In addition to increasing the use and presence of our cutting-edge online platform, it will enable us to focus on a more proactive approach to positioning ourselves in the competitive European payments environment.”