9th Mar 2015 09:20
LONDON (Alliance News) - Tungsten Corp PLC Monday said it is offering companies the chance to deposit money with its bank of a short-term basis, with the deposits to provide additional financing to its early payment invoice finance business.
In a statement, Tunsten Corp said its bank is offering 1.5% per annum gross interest on 35-day notice sterling deposits and up to 1.85% per annum on one year sterling deposits.
Tungsten Early Payment, the business which will benefit from the deposit financing, aims to help businesses to improve their cash flow by taking early payment on invoices.
Tungsten Bank finances invoices sent over the Tungsten Network.
"Tungsten Bank is a challenger bank committed to meeting the financial requirements of a wide range of businesses, and is developing a series of deposit products to offer corporate customers attractive rates of interest on their cash," Edmund Truell, chief executive, said in a statement.
Tungsten shares were up 2.4% at 171.00 pence on Monday. The stock has lost 39% of its value in the year so far.
By Samuel Agini; [email protected]; @samuelagini
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