Ten Wins Contract with China Merchants Bank
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled lifestyle and travel platform for the world’s wealthy and mass affluent, is pleased to announce it has signed a three-year contract with China Merchants Bank (CMB) Private Bank, to provide digitally enabled travel and lifestyle concierge services to CMB’s Private Banking clients globally.
Preparations are underway, with an expected launch date in June 2019. The contract will commence as a Small contract* but is expected to grow into a Medium contract within 12 months and a Large contract in the coming years.
Ten’s contract with CMB is the latest in a series of new business initiatives in the APAC region and follows the recent award of a Small contract to Ten by a Tokyo-based securities company, to provide high-touch travel and concierge services to a select group of their private clients. This marks Ten’s first securities client in Japan, a market anticipated to deliver growth in the region.
* Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as follows:
· Small contracts (below £250,000);
· Medium contracts (between £250,000 and £2 million); and
· Large contracts (over £2 million).
Private Banking Department, China Merchants Bank, said:
“The credit card division of our bank has worked indirectly with Ten in China for many years, so when we wanted to look at providing a more tailored service to our most valuable Private Banking clients in China, Ten were an obvious potential partner. After a detailed competitive tender process, Ten were selected for their digital offering, the quality of their team in China and their seamless global servicing platform. We are delighted to have awarded them this prestigious contract.”
Andrew Long, COO, Ten Lifestyle Group plc, said;
“CMB have a fantastic global reputation for providing the very highest levels of service to their clients and we are truly honoured to be appointed to offer our premium travel and lifestyle services to their most valuable clients. This win further reinforces our belief that Ten is the market leader for technology-enabled travel and lifestyle services in mainland China.”
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