Regulatory News

Equals (AIM:EQLS), the fast-growing B2B focused e-banking and international payments group, announces that John Pearson will stand down from his position as a Non-Executive Director of the Company with effect from 9 October 2020.  This Board change is part of an orderly transition of a wider succession plan, which saw Alan Hughes replace John Pearson as Chairman in June 2020.  Having recruited Alan Hughes for the Chair role John Pearson had agreed to stay on for a short hand-over period, which has now concluded. The Company has initiated a process to recruit a successor who can assist with the next phase of growth for Equals and an update will be provided in due course.

Ian Strafford-Taylor, Chief Executive Officer of Equals, said: “John has been a valued member of the Board since November 2014 when he joined as a Chairman.  Over the last six years, I have personally been extremely grateful for his wise counsel and his drive to grow the business into what it is today.  I know that the rest of the Board will join me in thanking him and wishing him the very best going forward.”

John Pearson, added: “My role at Equals, first as Chairman and then more latterly as a Non-Executive Director, has been an exciting and tremendous growth journey. I am proud of the significant strides the Group has made as well as the challenges that it has overcome.  I wish everyone at Equals the very best and I will continue to keep a keen eye on the Group as it continues to grow and prosper.”

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Notes to Editors:

Equals is a leading challenger brand in payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model.  The Group enables its business and personal customers to make easy, low-cost payments both domestically and in a broad range of currencies across a range of products all via one integrated system.

Equals provides money movement services to both business and personal customers through five inter-connected channels - International Payments, Corporate Expenses platform, Current Accounts and Travel Money (comprising currency cards and physical currency).  International Payments channel supports wire transfer foreign exchange transactions direct to bank accounts. For corporates, Equals has a market-leading business-expenses solution based around its corporate platform and prepaid card which yields significant cost savings via tighter control on expenses before they are incurred coupled with eliminating inefficient processes.  Equals also offers business and retail bank accounts with all the functionality offered by banks, namely faster payments, BACs, direct debits, international payments and a debit card.  The Travel Money offerings (retail currency card and physical currency) represent cost-effective and secure methods for travelers to spend abroad.