Marex Spectron Expands Working Capital Facility with Two New Banks

Two new banks will expand Marex Spectron's working capital facility to $105m from $65m.

Global commodities brokerage Marex Spectron has overseen a freshly launched syndication of a new working capital facility. The broker’s latest expansion is a bid to strengthen its capabilities in the capital and liquidity management space, according to a Marex Spectron statement.

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The syndication is the latest round of expansion at Marex Spectron following two previous rounds back in 2014 and 2016. The most recent expansion was led by Lloyds Bank and also included Marex’s previous $65 million facility, which included Lloyds Bank, Bank Leumi UK, and Barclays Bank. Moreover, two new banks were added to the facility, with Industrial and Commercial Bank of China Limited (ICBC) and Allied Irish Bank (AIB) also joining the fold – the facility will be increased to $105 million from its previous $65 million.

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Marex Spectron’s working facility is designed to support the group’s growth during one of the more tumultuous times for the industry, as there is a high degree of turnover amongst banks and other competitors, many of which are exiting the space. Overall, the expansion of the facility offers more opportunities to Marex Spectron, allowing it to better meet capital and liquidity management demands.

According to Ian Lowitt, Marex Spectron’s CEO, in a statement on the new working capital facility: “We are delighted that all the banks in our previous facility, as well as ICBC and AIB, are participating in our new facility. With the increase in the facility, from $65 million to $105 million, we can continue to grow our business and the services we provide to our clients.”

Marex Spectron recently made headlines after it reported robust financials for the 2016 year. For the year ending in 2016, Marex Spectron disclosed record pre-tax profits of $27.0 million, easily besting a figure of just $17.6 million in 2015. This corresponded to an increase of 53.4 percent year-over-year, maintaining a positive trajectory for the group’s earnings heading into 2017.

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