25th Mar 2014 14:04
LONDON (Alliance News) - Tungsten Corporation PLC Tuesday said it has formally requested UK regulators to give the okay to its acquisition of FIBI Bank (UK).
In a statement, Tungsten, which is engaged in the provision of electronic invoicing to suppliers and buyers, said it is hopeful of having the required approval from the Prudential Regulation Authority by the end of May.
It submitted the request to the PRA and to the Financial Conduct Authority.
Tungsten said the necessary systems to connect its network to the bank are now fully tested and are ready to be deployed as soon as the bank is up and running.
"Tungsten Corporation has made strong progress overall in integrating its financing and analytics capabilities into the e-invoicing network; and in organising the combined Tungsten group to be capable of large-scale growth," the company said in a statement.
It said it has a good pipeline of new potential clients and contracts.
Tungsten said it has adopted a more conservative accounting policy, spreading revenues over the life of the contract.
"While this measure will modestly constrain the reported network revenues compared to previous years, the value and volume of invoices processed in the current financial year is broadly in line with our original expectations," Tungsten said in a statement.
"The opportunity to create a disruptive global player is even greater than I first thought. We can realistically aim to create the leading global digital invoicing network, serving the world?s largest corporates and governments," Tungsten Chief Executive Edmund Truell said in a statement.
"Now that we are on the final straight to getting the Bank fully compliant and approved, Tungsten will start to offer suppliers access to trade and working finance on a transparent and simple to execute basis," Truell added.
Tungsten said it is fully compliant in 44 countries, having launched in Turkey and Brazil in 2014.
Tungsten shares were Tuesday quoted at 248.59 pence, up 4.9%.
By Samuel Agini; [email protected]; @samuelagini
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