21st May 2015 10:12
LONDON (Alliance News) - Electronic invoicing, analytics and financing company Tungsten Corp PLC on Thursday said it is currently in talks on a proposed joint venture with an unnamed global financial institution and said it is actively exploring strategic options for its Tungsten Bank business.
The company said joint venture with the financial institution would, if completed, be complementary to its current funding arrangements and would involve Tungsten Early Payment and some of the institution's customers being channelled through the joint venture.
It said there is no certainty the joint venture will be completed.
In addition, Tungsten said it is actively exploring strategic options and is in talks with the Prudential Regulation Authority on the nature of the operations and governance of the bank. Tungsten said the talks should not have an impact on its invoice financing operations.
Shares in Tungsten were down 14% to 84.334 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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