CAB Payments, the holding company for Crown Agents Bank, published its 2025 Annual Report on 25 March. The business entered 2026 with strong momentum, following a year of solid performance and disciplined execution against its strategy.
In 2025, the business delivered a return to growth, with total income increasing by 12% to £119 million and adjusted EBITDA rising 14% to £35 million – both ahead of market expectations. The Group also expanded its global footprint with new licensed offices in New York and Abu Dhabi, continued to strengthen client relationships, and invested in technology and infrastructure to support long-term scalability.
This progress reflects the focus and resilience of teams across the organisation. Over the past two years, our leadership team has reshaped the business to focus on a relationship-driven strategy, with strong operations and financial discipline.
Looking ahead, the Board remains confident in the company’s ability to deliver sustained growth, supported by strong market fundamentals and a clear medium-term strategy. Recent external interest in the business has reinforced confidence in the underlying value, although approaches were carefully evaluated and ultimately rejected as they did not reflect CAB Payments’ full potential.
As part of ongoing shareholder engagement, CAB Payments will hold its Annual General Meeting (AGM) on 29 April in London. The AGM is an important opportunity for shareholders to exercise their voting rights and engage with the Board, and all shareholders are encouraged to participate. A Q1 trading update will also be released on 21 April, providing a further update on the company’s continued progress.
Ann Cairns, Chair, Crown Agents Bank, said: “There has never been a more important time to be an FX and payments player in the markets we serve. The world is in geopolitical turmoil, and this is affecting financial markets across the globe. We are positioned at the centre of structurally changing global flows, providing critical liquidity to some of the most dynamic and fast-growing markets in the world.
“We have stayed present in regions where others have pulled out, providing clients with essential FX, payments and banking services. This is one of the many reasons why we are a trusted brand with a loyal and long-standing client base. These relationships, some of which go back decades, are not easy to replicate. This combined with real time access to financial markets through our technology and our nimble structure, makes us a unique player in this space.”
Neeraj Kapur, Chief Executive Officer, Crown Agents Bank, said: “In 2025, our purpose and model translated into meaningful results. With our transformation complete, we are focused on capturing the significant opportunity ahead. The Group is now a stronger and more focused organisation, well placed to deliver sustainable growth and value.”
