IWG advised on Cambridge Mercantile Group’s business acquisition of the commercial foreign exchange division of Raphaels Bank, the London-based independent bank, as reported on Bloomberg HERE. The transaction completed on 2 July 2013. The consideration is undisclosed.
Cambridge Mercantile Group is a worldwide provider of corporate foreign exchange and global payment services headquartered in Toronto, Canada, with regional offices across North America, the UK and Australia.
The purchase is a clear statement of intent by Cambridge, which grew its UK turnover by 48% in 2012. Founded 20 years ago in Canada, Cambridge Mercantile Group turned over £19 billion globally in 2012 – up by a fifth on the previous year.
Raphaels Bank is Britain’s second oldest independent bank, founded in 1787.
IWG corporate partner Ben Manners and Tanveer Tarafdar advised Cambridge Mercantile. Paris Smith LLP acted for Raphaels Bank.
Further information on Ben Manners and Tanveer Tarafdar and IWG’s corporate team can be found on the Meet the Team and the Corporate pages.