TIDMEPO
RNS Number : 6287Z
Earthport PLC
04 September 2018
4 September 2018
Earthport Plc
("Earthport" or "the Company")
Sunil Sabharwal, former US Board member to the IMF, to Join the
Board of Earthport
Earthport plc (AIM: EPO.L), the leading payment network for
cross-border payments, is pleased to announce that Mr Sunil
Sabharwal, has agreed to join Earthport's Board as a Non-Executive
Director, subject to regulatory approvals.
Mr Sabharwal has most recently served as the US Alternative
Executive Director to the International Monetary Fund (IMF). He was
confirmed by the United States Senate in February 2016 for a period
of 2 years, which he served out in its entirety across two US
administrations. In his capacity as the sole Senate-confirmed US
Board Member to the IMF, Mr Sabharwal has been responsible for
casting the US vote on all decisions of the IMF including those on
lending, surveillance reviews, policy issues and key budget and
personnel matters. Mr Sabharwal also served on the IMF's Budget and
Liaison committees, where he maintained Board-level relationship
with the World Bank, UN and other international organisations. He
was also member of the Board's gender-equality working group.
Mr Sabharwal took an active role in collaborating with the IMF's
Financial Technology Initiatives and its fledgling Risk Unit. This
included focusing on initiatives such as the IMF's research on
Fintech, remittances and virtual currencies.
Mr Sabharwal also ran an investment firm and served as a Board
Member or Chairman for numerous International Companies focused on
FinTech, including Ogone, now part of Ingenico. He helped grow
those entities both organically & inorganically, providing
significant returns to investors. Mr Sabharwal had a career in
corporate finance, private equity and M&A with blue chip
employers such as GE Capital, First Data Corporation / Western
Union, the European Bank for Reconstruction and Development (EBRD)
and Coopers and Lybrand. Mr Sabharwal served as the Senior Vice
President for Strategic Investments for First Data Corporation.
During his time with GE Equity, a division of GE Capital, he served
as the Managing Director for Financial Services and Healthcare.
Mr Sabharwal graduated from the London Business School with a
Master of Science in Management, and from the Ohio State University
(OSU) with a Bachelor of Sciences in Business Administration. He
was OSU's NCAA All-American fencer, recipient of its Jack
Stephenson Scholar-Athlete award, and more recently the Global
Business Excellence Award presented annually to a single
distinguished alumni member. Mr Sabharwal has been involved with
numerous International and US Olympic related entities, to include
the IOC's Sport and Sustainability and Legacy Commission (Member
since 2000), the International Fair Play Committee, and the LA 2024
Olympic Games Bid Committee. He was the Chief of Mission for US
Olympic fencing team to Beijing 2008.
Phil Hickman, Chairman of Earthport, commented: "I am delighted
to welcome Sunil Sabharwal as a member of our Board of Directors.
Sunil brings a wealth of very valuable experience to Earthport, as
his outstanding career in financial technology, private equity and
banking has helped numerous companies to grow and prosper. I am
confident that Sunil's strategic oversight will materially
contribute to our success."
Commenting on his appointment, Sunil Sabharwal said: " I am
honoured to have been asked to join the board of Earthport. Over
recent years we have witnessed a significant reduction in
correspondent banking relationships making it difficult and costly
for many geographies to receive inflows. Earthport addresses
exactly this issue, and does it more efficiently and effectively
than any other independent player, and I am excited to be part of
its next phase of development".
Amanda Mesler, CEO of Earthport, commented: "We are extremely
fortunate to have Sunil Sabharwal as our newest Director. Sunil's
experience leading financial institutions coupled with
directorships in industry and private equity will make an important
and positive impact on our firm and will further strengthen our
Board's breadth of talent, experience and global reach."
Sunil Sabharwal, age 54, has not held any directorships and / or
partnerships in the past five years.
As at the date of this announcement Sunil Sabharwal does not
have any interest in any ordinary shares of the Company.
There is no further information to be disclosed in relation to
Sunil Sabharwal's appointment pursuant to AIM Rule 17 or paragraph
(g) of Schedule Two of the AIM Rules for Companies.
For further information, please contact:
Earthport Plc 020 7220 9700
Amanda Mesler, Chief Executive Officer
Phil Hickman, Non-Executive Chairman
Newgate 020 7653 9848
Bob Huxford / Ian Silvera / Imogen Humphreys
N+1 Singer (Nomad & Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Toby Gibbs/Stephane Auton
About Earthport
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
can seamlessly manage payments to almost any bank account in the
world, reducing costs and complexity to meet their customers'
evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in
200+ countries and territories, with local ACH options in 65+
countries and an evolving suite of currencies and settlement
options.
Earthport continues to invest in the establishment of in-country
bank partnerships across the world, bringing together its deep
market and regulatory expertise in order to maintain compliant and
commercially competitive services.
The result - a global payments network accessed via a single
relationship, delivering significant cost and operating
efficiencies for banks and businesses servicing high volumes of
lower value payments.
Headquartered in London with regional offices in New York,
Dubai, Miami and Singapore, Earthport is a public company, traded
on the London Stock Exchange (AIM: EPO).
Please visit www.earthport.com for more information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOALJMATMBIMBFP
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September 04, 2018 02:01 ET (06:01 GMT)
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