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U.S. Bank Parent Company to Acquire TravelBank

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U.S. Bank’s parent company U.S. Bancorp is acquiring
SME-focused travel and expense platform TravelBank, the company announced on
Tuesday.

TravelBank and U.S. Bank already have been partners for more
than a year with the
integration U.S. Bank’s virtual payment tool Instant Card into TravelBank,

announced in September 2020. With that integration, travel managers using
TravelBank, many of whom do not have traditional corporate card programs, are
able instantly to issue virtual cards for purchases made with TravelBank’s
online booking tool.

With the acquisition of TravelBank, U.S. Bank said it will
be able to speed up the integration of digital payments into the commercial
sector.

“In partnering with TravelBank over the past year,
we’ve seen how effective the solution is in improving efficiencies for
businesses,” U.S. Bank vice chair of payment services Shailesh Kotwal said
in a statement. “This acquisition will allow us to significantly expand
our client base and deliver even more value to our customers.”

U.S. Bank expects to close the acquisition before the end of
the year and did not disclose the financial details of the acquisition. A U.S.
Bank spokesperson said there are no plans to rebrand TravelBank under the U.S.
Bank umbrella, and co-founder and CEO Duke Chung will continue to manage
TravelBank, reporting to U.S. Bank head of corporate payment and treasury
solutions Jeff Jones.

The acquisition is the latest of several by large financial
services firms of technology tools in the travel and expense space. Capital One
last month acquired
the workforce and software platform of corporate travel management startup Lola
,
which had suspended operations a few weeks prior, and the firm last year also
acquired mobile flight disruption management and rebooking tool Freebird.
American Express, meanwhile, acquired
artificial intelligence-powered personal travel assistant Mezi
in 2018 to
power its own travel concierge service for cardholders.



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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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