New shareholders and board appointment at SETL 01 March 2018London Reporter: Jenna Lomax
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Citi and Credit Agricole have taken stakes in the London-based institutional payment and settlement infrastructure provider SETL.
In addition, Computershare have increased their investment in SETL. As part of the increased investment, Stuart Irving, group CEO of Computershare, has joined the SETL board.
Irving has worked at Computershare since 1997 and served as global chief information officer from 2008 to 2014. He became president and CEO in 2014.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure, based on blockchain technology.
The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions, simplifying the process of matching, settlement, custody, registration and transaction reporting.
SETL's chairman David Walker said: "I am delighted to welcome Stuart Irving to the board and to thank our existing directors for their guidance and counsel over the past two years. Irving bring a wealth of experience in the financial, regulatory, IT and public company spheres.”
He added: “With the encouragement of shareholders and the revenue generating projects, we have recently announced we are adding significantly to the strength to the company. At this stage in the company's development it is important to choose the right projects and to deliver a dependably resilient product to the market."
Peter Randall, CEO of SETL, added: "We are pleased to announce that we have extended our shareholder register with both new and existing partners and have agreed the scope of a number of revenue generating projects.”
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