13 June 2024
CAB
Payments Holdings plc and its subsidiaries
("CAB
Payments" or the "Group")
Confirmation of CEO
Appointment
CAB Payments confirms that Neeraj
Kapur has received the required regulatory approval and will now
take over the role of Group Chief Executive Officer (CEO),
Executive Director and member of the Board from Bhairav
Trivedi.
Neeraj and Bhairav have been working
closely together since February to ensure a smooth and orderly
handover. As previously communicated, Bhairav will continue as
Senior Adviser to the Board, building and strengthening important
relationships with central banks, regulators, and current and
prospective strategic clients. Bhairav remains a shareholder of CAB
Payments.
Ann
Cairns, Chair of CAB Payments said:
"I am delighted that Neeraj is
confirmed as CEO of the Group. He is an experienced PLC director
with the right skills to take the business forward. He brings a lot
of passion and energy to the role. I would like to thank Bhairav
for driving the success of the business to date. The Board looks
forward to working with him in his new role."
Neeraj Kapur, CEO of CAB Payments said:
"I am delighted to be confirmed as
Group CEO of CAB Payments Holdings and Crown Agents Bank. I would
like to thank Bhairav for his commitment to ensuring a smooth
transition over the last few weeks. I took this role because I
strongly believe in the purpose of the Group and its long-term
future especially in delivering international aid throughout
hard-to-reach markets. Its structural importance in global payments
is built on facilitating c.£14 billion of wholesale flows into
emerging markets. The success of the business to date has been
impressive and I am now looking forward to working with my
executive team to ensure CAB Payments takes advantage of the unique
growth opportunity ahead of it, executing our strategy and
delivering our purpose to parts of the world where it is much
needed."
Notes:
Neeraj Kapur has also been appointed
as CEO and Executive Director of Crown Agents Bank
Limited.
Neeraj Kapur was a Director of
Provident Financial plc / Vanquis Banking Group plc from May 2020
to August 2023, and of Secure Trust Bank plc from April 2011 to
March 2020.
The Group confirms there is no
further information to be disclosed under Listing Rule 9.6.13 in
relation to this appointment.
Remuneration arrangements for Neeraj Kapur:
Neeraj's remuneration arrangements
have been set in accordance with the Policy set out in the Group's
IPO documentation and 2023 Annual Report. His salary is £675,000.
He receives a pension contribution, or cash equivalent, of 10% of
base salary in line with the rate applying to the majority of the
UK workforce. His benefits include medical insurance, income
protection and life assurance cover. His maximum bonus opportunity
is 150% of salary and he will be eligible for FY2024 bonus subject
to the performance conditions set out in the Group's IPO
documentation and 2023 Annual Report, and pro-rated to reflect the
proportion of FY2024 for which he is an employee. He is also
eligible to receive an award under the Group's LTIP scheme to be
granted in 2024. Neeraj did not receive a buy-out award.
Notes to editors:
Neeraj Kapur is an experienced banker
and bank CFO, with more than 20 years of experience in senior
leadership roles in retail, corporate and SME banking. He also held
main Board and Executive Director roles in Secure Trust Bank plc,
which was listed on the LSE in 2016, and most recently was CFO of
FTSE 250 Vanquis Banking Group plc (previously named Provident
Financial plc). He is a qualified Chartered Banker and Chartered
Accountant, qualifying with Arthur Andersen 30 years ago. Neeraj
has a wealth of experience in M&A, transformation and
integration, as well as building businesses. Neeraj started his
career as an RAF fighter pilot, after attaining his degree in
aeronautical engineering from Imperial College London.
About CAB Payments:
CAB Payments Holdings PLC is the
holding company for Crown Agents Bank (CAB), a UK-regulated FX and
payments service provider, specialising in global FX and
cross-border payments for hard-to-reach markets.
Unlike traditional banks, CAB's
unrivalled network, technology, and expertise mean it can move
money in the most complex situations, to the most challenging
markets, for organisations that expect the most.
Trusted by Blue Chip organisations
across the globe, CAB connects its clients to underserved
geographies rapidly, consistently, and equitably so money can move
efficiently to where it is needed. It offers a single API for all
FX and cross-border payments, covering 140+ markets and currencies
across 700+ currency pairs. Its extensive global network of
partners allows CAB to offer competitive prices and fast, reliable
settlement.
CAB is one of the first banks to
achieve B Corporation™ status. The bank was awarded the Gold
Sustainability Rating by EcoVadis in 2022 & 2023 - ranked
within the top 94% of 94,000 companies assessed across 160
countries and over 200+ industries.
For
further information, please contact:
CAB
Payments Holdings plc
Gaurav Patel, Head of Investor
Relations
ir@cabpayments.com
www.cabpayments.com
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FTI
Consulting
(Public Relations Adviser to CAB Payments)
Ed Bridges -
Edward.Bridges@fticonsulting.com
Katie Bell -
Katherine.Bell@fticonsulting.com
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+44 (0) 7768 216 607
+44 (0) 7976 870
961
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