Thursday 29th May, 2014

Tungsten has announced this afternoon that it has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc ("Bank"). The fully UK authorised Bank will be re-named Tungsten Bank and will start offering supply chain finance.

On top of that Tungsten announced at the same time that they've started to provide invoice discounting services to selected US customers.

Edmund Truell, Chairman of the Bank, said: "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis.  The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network."

Tungsten Corporation bought OB10 for £99m in October last year.

The RNS announcement can be found at the following link: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11968256