Ten Lifestyle Group PLC Ten Wins Contract with China Merchants Bank (0152C)
13 June 2019 - 4:00PM
UK Regulatory
TIDMTENG
RNS Number : 0152C
Ten Lifestyle Group PLC
13 June 2019
13 June 2019
Ten Lifestyle Group plc
("Ten" or the "Company")
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(1) 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.
(1) 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 GBP250,000);
-- Medium contracts (between GBP250,000 and GBP2 million); and
-- Large contracts (over GBP2 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."
- End -
For further information, please visit https://www.tengroup.com/
or contact:
Ten Lifestyle Group Plc via Tavistock
Alex Cheatle, Chief Executive Officer
Sean Hegarty, Chief Financial Officer
Kerry Anderson, Global Head of Brand Marketing +44 (0)20 7479
& Communications 3427
Jefferies International Limited, Nominated
Advisor
Simon Hardy +44 (0) 20 7029
Christopher Binks 8000
Peel Hunt LLP, Joint Broker
Edward Knight
Peter Stewart +44 (0) 20 7418
Nick Prowting 8900
Tavistock, Financial PR & IR
Jos Simson
Simon Hudson +44 (0) 20 7920
Jenny Boyd 3150
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc is a leading, travel and lifestyle
concierge service, helping wealthy individuals to discover,
organise, and enjoy travel, dining, live entertainment, and the
world of luxury, cheaper, and quicker than they could
themselves.
Underpinned by industry-first technology, Ten provides its
trusted concierge service to its more than 2 million members 24/7,
365 days a year, wherever they are in the world. Founded in 1998,
the growing business now has over 800 staff, 20 global offices and
is listed on the AIM market of the London Stock Exchange (AIM:
TENG).
For further information about Ten Lifestyle Group Plc, please go
to: https://www.tengroup.com/.
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END
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