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BFC Bank

BFC Bank receives authorisation

BFC Bank, a new, unique and specialised challenger bank focused on international payments and cash management services, is pleased to announce it received authorisation by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (FCA) (FRN 716167). BFC Bank has entered mobilisation to finalise its launch as a UK bank.

Based on its ethos of fairness and transparency, BFC Bank 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. Its suite of products is designed to simplify how overseas payments and foreign exchange are managed, and to complement existing banking arrangements of Small and Medium-sized Enterprises (SMEs). BFC Bank will also provide support and services to Payment Service Providers (PSPs) who face difficulty accessing bank accounts as well as domestic and international payments.

Commenting on its proposition, BFC Bank’s Chief Executive Officer, David Price said,"Reliable, cost-effective payments are a vital requirement for the internationally focused Small and 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, currency exchange and wholesale currency services adhering to high regulatory compliance standards. BFC Group, which has a history of nearly 100 years, owns a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia. It has also been operating in the UK as BFC Exchange since 2003 and will 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 and said, “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, Global BFC Group Chairman and BFC Bank Chairman said, “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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