UK-based Currencies Direct Ltd, a privately owned provider of foreign exchange and payment services, has hired the former CEO of Barclays Bank Anthony Jenkins as non-executive chairman.
The company said Mr. Jenkins will be tasked with advancing its digital offering and expanding the existing international footprint, a year after it was acquired by Corsair Capital and Palamon Capital Partners, two private equity firms. The company which acts for both retail and institutional investors, and serves more than 150,000 clients was valued at more than £200m. In addition, it has shifted £4 billion in consumer and business payments in 2015, operating under a low-cost, fee-free model.
During his tenure at Barclays, which was overshadowed by misconduct fines levied on the bank, Mr. Jenkins laid the foundations for his own venture in the financial technology realm. He focused for three years on technology developments, such as mobile payment app Pingit.
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Mr. Jenkins is known as a passionate advocate of the need for radical tech-driven change in traditional banking practices. Earlier this years, he predicted in a speech a 50% cut in bank branches and staffing over the next ten years due to digital upheavals in the sector.
Keith Hatton, CEO of Currencies Direct, commented on the appointment in an official statement: “Currencies Direct plans to boost its share of the growing £380 billion currency market for retail and small and medium-sized enterprises in the UK, while also expanding its existing market presence in Continental Europe, Australia, South Africa, China, India and the US. Antony’s knowledge, reach and insights into how technologies are changing the industry will play a major role in driving the growth of Currencies Direct.”
“New technologies are revolutionising financial services, creating substantial opportunities for companies with a digital strategy at their core, a deep understanding of the needs of the customer and the right values. Currencies Direct is successfully capitalising on the fast-growing demand for digital financial services offerings, and has a sound strategy combined with the infrastructure to continue its rapid expansion,” added Anthony Jenkins.