Lorum has joined a fast-growing list of companies applying for a national trust charter.
The multicurrency clearing and cash management platform applied to the Office of the Comptroller of the Currency on March 31 to create Lorum National Trust Bank.
The charter would allow Lorum to seek a Federal Reserve account. That, in turn, would allow it to expand its fiduciary services offerings.
Lorum is in the process of moving its main offices from Dubai to New York.