LONDON, UNITED KINGDOM -- (Marketwired) -- 07/02/13 -- Cambridge Mercantile Group, the UK's fastest growing international FX and payments business(1), is pleased to announce the completion of its acquisition of Raphaels Bank's FX Division.
Cambridge has long been expanding in the UK market, where in 2012 it grew its turnover by 48%.
Founded 20 years ago in Canada, Cambridge Mercantile Group turned over $20 billion globally in 2012 - up by 20% on the previous year.
Raphaels Bank is one of Britain's oldest independent banks, and was founded in 1787.
With the purchase now complete, Cambridge has taken over Raphaels' dedicated commercial foreign exchange division and enviable client book which has migrated to Cambridge's UK headquarters in the City.
"Now finalized, this acquisition will add great value to our existing presence in the UK where we have been solidifying our reputation as one of the world's most trusted and respected providers of global payments and foreign exchange. This will enable us to broaden our services and reach across other regions in Europe," said Cambridge co-founder and president, Jacques Feldman.
(1) - Source Plimsoll Business Intelligence.
About Cambridge Mercantile Group:
Since its inception in 1992, Cambridge Mercantile Group has grown to become a leading provider of global payments and currency risk management solutions. With more than 14,000 clients worldwide, Cambridge is among the largest bank-independent providers of hedging and risk management products, powered by technologies widely regarded as industry leading. Cambridge delivers a superior level of service to clients through extensive knowledge of foreign exchange and award-winning operational capabilities, supported by an experienced trading, account management and consultative sales team. With offices strategically located across the globe, including North America, Europe and Australia, Cambridge facilitates the secure movement of over $20 billion dollars annually. For more information, visit www.cambridgefx.com.
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