CrestCo takes on Citigate for financial advice

CrestCo, the company behind the electronic settlement system, Crest, which is used by the London Stock Exchange, has appointed Citigate Communications to handle its PR.

CrestCo, the company behind the electronic settlement system,

Crest, which is used by the London Stock Exchange, has appointed

Citigate Communications to handle its PR.



The appointment coincides with talks on the potential consolidation of

European stock exchanges, which will require new systems and provide

opportunities for companies like CrestCo.



Citigate will handle corporate and financial PR in the UK and Germany,

while CrestCo monitors talks between the London Stock Exchange and

Frankfurt’s Deutsche Borse over a possible link-up.



Citigate, which pitched against four other agencies for the business,

will report to Paul Symons, head of public affairs at CrestCo. Its team

will be led by director Patrick Donovan.



CrestCo is owned by 69 shareholders, including the London Stock

Exchange.



It was formed in 1996 and doubled its pre-tax profits to pounds 11.4

million on turnover of pounds 27.3 million during the first six months

of this year.



Despite initial teething problems, the Crest system now handles 160,000

transactions a day with a cash value of pounds 30 billion.



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