BFC Group Holdings (BFC Group) specialists in global money transfer, currency exchange and wholesale currency services is pleased to announce its latest venture ‘BFC Bank’ has received authorisation by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (FRN 716167) and has entered mobilisation to finalise preparations to launch as a new UK Bank.
BFC Bank, is a unique and specialised bank focused on international payments and cash management services and will offer low-cost basic corporate banking products with a strong emphasis on international transactions and multi-currency cash management, as well as UK domestic payments. Based on its ethos of fairness and transparency, its suite of products have been designed to simplify how overseas payments and foreign exchange are managed and to complement the existing banking arrangements of Small and Medium-sized Enterprises’ (SMEs). The Bank will also provide support and services to Money Service Businesses (MSBs) who face difficulties accessing bank accounts and the ability to make payments.,
BFC Bank is a wholly-owned subsidiary of BFC Group, serving a history of nearly 100 years in the financial services industry since Bahrain Financing Company (BFC), based in the Kingdom of Bahrain, was first established in 1917 to trade in gold bullion and foreign exchange. The Group also owns and operates international exchange and remittance companies across Kuwait, the United Kingdom, India and Malaysia with a combined retail network of over 120 branch locations all offering international money transfer products including, EzRemit and MoneyGram, as well as currency exchange at great rates.
Ebrahim Nonoo, BFC Group’s Managing Director & CEO commented on the Group’s recent venture and said, “I am delighted to expand our presence in the UK and enter the banking arena at a time where there is a niche in the market to leverage from our knowledge and expertise in international payments and provide a clear and transparent platform for SMEs and PSPs to benefit from. Our Vision is to become the banking partner for companies that require access to international and domestic payment services.”
Backed by nearly 100 years’ of experience in financial services, the Bank has a true understanding of its prospective customers’ requirements and is committed to its philosophy of fairness and transparency, delivering this through a team of dedicated Relationship Managers. Elaborating on the Bank’s standpoint, Ayman Sejiny, BFC Group Chairman and BFC Bank Chairman said, “Building on our 100 years heritage in the industry and our culture of listening to our clients and the market, we believe our simple, yet effective business model, has the components to provide a clearer future for international payments and cash management, offering smaller companies the opportunity to conduct payments at rates they can afford and reducing their margins significantly.”
For further information or to register an interest in becoming a customer of BFC Bank please go to www.bfcbank.co.uk or for further information on BFC Group please visit www.bfcgroupholdings.com.