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(Alliance News) - PensionBee Group PLC on Monday announced it will expand into the US after inking a deal with an unnamed American financial firm.
Shares in PensionBee were up 5.2% at 94.65 pence each in London on Monday morning.
The London-based online pension provider said it has entered into an exclusive, non-binding term sheet with a large, US-based global financial institution in order to expand into the US.
PensionBee explained that the US has the "world's largest defined-contribution pension market", representing approximately 80% of the global total and USD22.5 trillion in assets.
"Given the context of the enormous US market opportunity, PensionBee sees the potential for its US business to grow rapidly, becoming at least the size of its UK business over the next decade," it forecast.
Chief Executive Officer Romi Savova commented: "In the year of our 10th anniversary, having demonstrated underlying profitability, we have entered discussions with a view to deploying our award-winning customer proposition, supported by our innovative technology platform and marketing approach, in the United States of America. This is a transformative step for PensionBee and for our stakeholders."
By Sabrina Penty, Alliance News reporter
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