The proposed transaction will enable the Canadian acquirer to further streamline its operations in the country, where it witnessed 48% increase in annual turnover during 2012.
Following completion of the proposed acquisition, which is anticipated on 2 July, Raphaels’ dedicated commercial foreign exchange unit and enviable client book will migrate to Cambridge’s UK headquarters in the London.
Commenting on the deal, Cambridge Mercantile Group CEO Bernard Heitner said that the transaction will further strengthen its position as a global payments and foreign exchange in Europe, expanding its footprint in a more diverse marketplace.
Cambridge Mercantile Group Europe managing director David Clark commented, "In addition to increasing the use and presence of our cutting-edge online platform, it will enable us to focus on a more proactive approach to positioning ourselves in the competitive European payments environment."
Formed in 1992, Cambridge Mercantile Group delivers an array of global payment services to its corporate clients, from FX hedging and international payment processing to a unique online portal for global currency transactions. It reported turned over £19bn globally in 2012.
Raphaels Bank was established in 1787 and operates as one of the oldest independent banks in the UK.
