20 April 2018
https://www.avoka.com

Alliance and Leicester establishes pre-paid card unit

13 December 2007  |  7828 views  |  0 Alliance and Leicester

UK banking group Alliance and Leicester (A&L) is establishing a new business unit focused on developing pre-paid card products and services.

The new unit, called the Prepaid Card Company Ltd (PCCL), will be 80% owned by A&L, with the remaining 20% owned by Cupera International Ltd (CIL).

The new subsidiary will purchase Cupera for £4 million in cash and loan notes, says A&L, and retain the pre-paid card assets and existing employees of the CIL Group.

CIL is expected to make a loss of £3.9 million in 2007 as a result of initial start-up costs and will have gross assets of £1.2 million, says the bank.

A&L says it has the option to purchase complete control of PCCL in the future. Cupera shareholders also have the option to sell their remaining shareholding to A&L after a minimum of three years.

CIL is the parent company of MoneyCard Group which the bank has been working with to deliver a number of pre-paid card products over the past 18 months, including a pre-paid plastic payment card designed for use by commercial clients that currently provide paper payments to customers or employees and a stored value card for designed for public sector organisations that can be used to deliver welfare payments.

Earlier this year A&L recruited James Le Brocq - formerly director of UK credit cards - as director of pre-paid cards.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tuxedo introduces text top-ups for pre-paid cards

Tuxedo introduces text top-ups for pre-paid cards

29 October 2007  |  4958 views  |  0 comments
London's Evening Standard to launch pre-paid card

London's Evening Standard to launch pre-paid card

20 September 2007  |  8273 views  |  0 comments
The Sun launches pre-paid card

The Sun launches pre-paid card

10 September 2007  |  6668 views  |  0 comments
Barclaycard rolls out Oyster payments card

Barclaycard rolls out Oyster payments card

10 September 2007  |  17792 views  |  0 comments
Barclays issues pre-paid travel card

Barclays issues pre-paid travel card

26 July 2007  |  13990 views  |  0 comments
Pre-paid industry forum established

Pre-paid industry forum established

18 June 2007  |  5557 views  |  0 comments
European market for pre-paid cards set to soar

European market for pre-paid cards set to soar

11 May 2007  |  7875 views  |  0 comments
Alliance & Leicester introduces pre-paid debit card for public sector

Alliance & Leicester introduces pre-paid debit card for public sector

14 March 2007  |  8839 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
17 December 2007
Visit http://wup.digitalvisit www.ebaday.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9619 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8802 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8376 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8369 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7937 views comments | 9 tweets | 10 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job