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BFC Bank

BFC Bank receives authorisation

BFC Bank is a specialised challenger bank focused on international payments and cash management services. We received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (FRN 716167) in September 2016. We exited mobilisation in October 2017 and will finalise our full service launch for early 2018.

Based on our ethos of fairness and transparency, BFC Bank offers low-cost basic corporate banking products that include international transactions, multi-currency cash management and UK domestic payments. Our suite of products is designed to simplify how overseas payments and foreign exchange are managed. This complements the existing banking arrangements of Small to Medium-sized Enterprises (SMEs). BFC Bank also provides support and services to Payment Service Providers (PSPs) who may face difficulty to access GBP bank accounts, domestic and international payments.

BFC Bank’s Chief Executive Officer, David Price commented: "Reliable, cost-effective payments are a vital requirement for the internationally focused Small to Medium-sized Enterprises we serve. This important sector needs efficient, clearly-priced solutions and complete confidence in providers. BFC Bank also plays a very important role in the payment services sector at a time when participants may find it difficult to access UK bank facilities."

BFC Bank is a wholly-owned subsidiary of BFC Group Holdings (BFC Group), specialists in global money transfer, foreign exchange and wholesale currency services. We adhere to high regulatory compliance standards. With a 100-year history, we operate a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia. Present in the UK as BFC Exchange since 2003, we continue to provide a retail remittance service under this brand name.

 

 

Ebrahim Nonoo, BFC Group’s Managing Director and CEO commented on the Group’s recent venture: “I am delighted to expand our presence in the UK and enter the banking arena at a time when there is a niche in the market to leverage our experience and expertise in international payments, and to provide a clear and transparent platform for the benefit of SMEs and PSPs. Our vision is to become a banking partner for companies that require access to international and domestic payment services.”

Elaborating on the Bank’s vision, Ayman Sejiny, BFC Group Chairman and BFC Bank Chairman noted, “Building on our heritage 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 a cost they can afford.”

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