Ten Lifestyle scores three-year contract with China Merchants Bank
Lifestyle and travel platform Ten Lifestyle has inked a three-year contract with China Merchants Bank that will see the AIM-listed firm provide digitally enabled travel and lifestyle concierge services to the bank's private banking clients across the globe.
Ten told shareholders on Thursday that preparations were underway, with an expected launch date by the end of the month, and noted that while the initial contract size would be below £250,000, the deal was expected to grow into a medium-sized contract within 12 months and a large contract worth more than £2m in the coming years.
The London-based group, which offers services to the world's wealthy and mass affluent, highlighted that its contract with CMB was just the latest in a series of new business initiatives in the Asia-Pacific region and followed the recent award of a small contract by a Tokyo-based securities company, to provide high-touch travel and concierge services to a select group of their private clients.
Chief operating officer Andrew Long said: "CMB have a fantastic global reputation for providing the very highest levels of service to their clients and we are truly honoured to be appointed to offer our premium travel and lifestyle services to their most valuable clients.
"This win further reinforces our belief that Ten is the market leader for technology-enabled travel and lifestyle services in mainland China."
As of 1000 BST, Ten shares had climbed 2.41% to 85p.