CAB Payments today announced that its subsidiary, Crown Agents Bank Limited (CAB) has received approvals from The Board of Governors of the Federal Reserve System and The New York State Department of Financial Services to operate a representative office in New York.

The New York representative office will act as a regional business hub for CAB, enabling the Group to continue to serve its existing clients while driving new client business in the region. A licensed presence in the United States will also help to build stronger relationships with our US Dollar clearing partners and to further support FX & payment flows from clients across South and Central America.

With the opening of the New York office, alongside the offices in the UK and Europe, CAB Payments is continuing to execute on its strategic plan to operate a global FX and cross-border payments business.

Neeraj Kapur, Group CEO said:

“I am delighted we have been granted the licence to operate a representative office in New York. This presence in one of the world’s leading financial centres further enhances our network allowing us to better serve existing and new clients. With on-the-ground presence in the UK, Europe and now the US, we are creating a business with global reach.

“We are excited to bring our best-in-class FX and cross-border payment services to the Americas, helping businesses overcome the complexities of operating in hard-to-reach markets.”