CAB Payments today confirmed that Neeraj Kapur has received the required regulatory approval and will now take over the role of Group Chief Executive Officer (CEO), Executive Director and Board Member from Bhairav Trivedi.
Neeraj and Bhairav have been working closely since February to ensure a smooth and orderly delivery. Bhairav will continue as a Senior Advisor to the Board, building and strengthening important relationships with central banks, regulators and current and future strategic clients. Bhairav remains a shareholder in CAB Payments.
Ann Cairns, Chair of CAB Payments said:
“I am delighted that Neeraj has been confirmed as Group CEO. He is an experienced PLC manager with the right skills to drive the business forward. He brings a lot of passion and energy to the role. I would like to thank Bhairav for driving the success of the business till date. The Board of Directors looks forward to working with him in his new role.”
Neeraj Kapur, CEO of CAB Payments said:
“I am delighted to be confirmed as Group CEO of CAB Payments Holdings and Crown Agents Bank. I would like to thank Bhairav for his commitment to ensuring a smooth transition over the last few weeks. I took on this role because I strongly believe in the purpose of the Group and its long-term future, particularly in providing international assistance to hard-to-reach markets. Its structural importance in global payments is based on facilitating around £14bn of wholesale flows to emerging markets. The success of the business to date has been impressive and I now look forward to working with my executive team to ensure that CAB Payments capitalizes on the unique growth opportunity in front of it, executing our strategy and realizing our purpose in the parts of the world where very necessary”.
Neeraj Kapur salary is £675,000. He receives a pension contribution, or cash equivalent, of 10% of basic salary in line with the rate applicable to the majority of the UK workforce. Its benefits include medical insurance, income protection and life insurance coverage.
His maximum bonus opportunity is 150% of salary and he will be entitled to a FY2024 bonus subject to the performance conditions set out in the Group’s IPO documentation and 2023 Annual Report, and pro rata to reflect the FY2024 rate for which he is employee. He is also eligible to receive an award under the Group’s LTIP scheme which will vest in 2024. Neeraj did not receive a redemption award.
Neeraj Kapur is a seasoned banker and CFO with over 20 years of experience in senior leadership roles in retail, corporate and SME banking.
He also held principal board and executive director roles at Secure Trust Bank plc, which listed on the LSE in 2016, and was most recently CFO of FTSE 250 Vanquis Banking Group plc (formerly Provident Financial plc). He is a certified Chartered Banker and Chartered Accountant, with Arthur Andersen 30 years ago.
Neeraj has a wealth of experience in mergers and acquisitions, transformation and integration, and business building.