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July 06, 2015 8:40 PM ET

Banks

Company Overview of Tungsten Bank

Company Overview

Tungsten Bank provides a range of international and domestic banking services to individual and business customers. It offers various deposits accounts and loans. Tungsten Bank was formerly known as FIBI Bank (UK) plc and changed its name to Tungsten Bank in May 2014. The company was founded in 1981 and is based in London, United Kingdom. As of June 10, 2014, Tungsten Bank operates as a subsidiary of Tungsten Corporation Plc.

24 Creechurch Lane

London,  EC3A 5JX

United Kingdom

Founded in 1981

Phone:

44 2072 809 500

Fax:

44 2072 809 515

Key Executives for Tungsten Bank

Interim Chief Executive Officer and Non-Executive Director
Compensation as of Fiscal Year 2015.

Tungsten Bank Key Developments

Tungsten Bank Announces Executive Changes

Tungsten Bank announced that in order to allow Edi to concentrate on these important strategic matters, Nick Parker, who is currently an Independent Non-Executive Director of Tungsten Bank plc, has replaced Edi as Non-Executive Chairman of Tungsten Bank and Edi has become Deputy Chairman of Tungsten Bank. Rob Eddowes, currently a Non-Executive Director of Tungsten Bank, has been appointed interim Chief Executive Officer of Tungsten Bank.

Tungsten Bank Announces Step Down of Phil Ashdown as CEO

Tungsten Corporation plc announced that having successfully led the acquisition of, regulatory approval for and subsequent development of Tungsten Bank, Phil Ashdown is stepping down as CEO of Tungsten Bank, with effect on April 24, 2015.

Tungsten Bank Launches Deposit Offering

Tungsten Bank announced deposit offering. The deposited monies will provide additional financing capability to its Tungsten Early Payment invoice finance business. Tungsten Bank is now offering cash-rich companies an opportunity to place short-term deposits at competitive rates. As of March 9, 2015, it is offering 1.5% p.a. gross interest on 35-day notice sterling deposits and up to 1.85% p.a. on one year sterling deposits. The proceeds will be used by Tungsten Bank to provide additional invoice financing through its Tungsten Early Payment product. Tungsten Early Payment enables businesses to maximise their cash flow by taking early payment on selected invoices. Tungsten Bank finances invoices sent over the Tungsten Network, whose customers account for over 56% of the Fortune 500, as well as UK and US government entities. To use Tungsten Early Payment, suppliers simply sign up with Tungsten and then select approved invoices for early payment. It operates in a transparent way with none of the fees and red tape that characterise traditional alternatives. Tungsten Early Payment has so far been offered to eligible businesses in the UK and US, and Tungsten has recently received authorisation to offer invoice financing in Germany, France and Italy, with more territories planned.

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