Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent, is pleased to announce it has won a second contract with DNB Bank ASA (“DNB”), the largest financial services group in Norway.
The new mandate sees Ten immediately taking over the provision of concierge services to selected Private Banking customers from the incumbent supplier and launch its digital services in the spring. This is expected to double the size of the existing contract, categorised as an expanding Medium contract1.
Since opening the Group’s Oslo office in April 2019, Ten has enhanced its service capabilities in Scandinavia, delivered in Norwegian, Swedish as well as English, improving its proposition to members and corporate clients in the region.
This contract expansion is incorporated within the Group’s existing growth plan.
1 Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.