1st Apr 2014 12:23
LONDON (Alliance News) - Tungsten Corporation PLC said Tuesday that UK regulators have given the okay to its acquisition of FIBI Bank (UK) PLC, initiating a formal 60 business day period for assessment and approval.
The electronic invoicing company said it remains hopeful that it will have the required approvals to begin FIBI's operations by the end of May.
FIBI is now moving into Tungsten's new headquarters in London.
Tungsten also bolstered its own financing team. It hired a group of senior personnel including a chief operating officer, a head of operations, a head of credit analytics and a head of compliance for the financing business. It did not name any of these appointments.
The company said it had also brought in Rick Hurwitz to lead its overall efforts in the Americas.
It expects to announce its results for the full year to April 30 in July.
Shares in Tungsten are untraded Tuesday. They last traded at 245.00 pence.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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