BFC Group plans to open 50 branches across M’sia

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KUALA LUMPUR: BFC Group Holdings plans to open up 50 branches across Malaysia over the next five years.

It is a leading international money transfer and foreign exchange organisation with its headquarters in the Gulf.

Operating under BFC Exchange Malaysia Sdn Bhd following the acquisition of the locally based money remittance company Ghorka Remit International Sdn Bhd, it opened its first local branch at Medan Pasar, Kuala Lumpur recently.

A statement released here said BFC Exchange will offer remittance and money changer services to customers in Malaysia and cater to the needs of corporate clients as well as the expat and tourist population.

Dubbed as specialists in moving money smartly and efficiently as well as offering the best rates in the market, BFC Group has an extensive global reach covering over 200 countries through its own money transfer product ‘EzRemit’ and partnership with MoneyGram, an international money transfer company.

BFC’s Group managing director and chief executive officer Ebrahim E. Nonoo, in commenting on the acquisition and the opening of the company’s first branch, said the acquisition of Ghorka is in line with the company’s international growth strategy.

“A business unit in Malaysia will grant us access to an incredibly active local remittance market, both on the ground in Malaysia as well as the GCC market, which has a high population of Malaysian nationals.

“As a regional player and with a board of directors, board committee and senior management comprising of highly capable individuals, with widespread experience running operations in a diverse range of markets, BFC Group will be able to positively contribute to the remittance industry in Malaysia, through the application of industry best practices and state of the art technology,” he said.

Meanwhile, the branch at Medan Pasar is located in the heart of the city and will cater to the foreign exchange and remittance needs of both locals and expats alike.

The branch’s key location will also mean the ever growing tourist population will benefit from the services offered.

To celebrate the opening of the branch, BFC Exchange gave away a free gift to the first 1,000 customers.

The opening of the branch was inaugurated by Ebrahim, and attended by the country head Rajesh Narayanan, BFC Exchange Malaysia’s directors, business associates and valuable customers.

BFC Group was established in 2009 when Bank Alkhair B.S.C. (c), an Islamic financial institution, successfully acquired a controlling stake in Bahrain Financing Company in Bahrain, Bahrain Exchange Company (BEC) in Kuwait and BFC Exchange Limited (formerly named EzRemit Limited) in the United Kingdom.

It maintains a network of over 90 strategically located branches.

In addition, it is present in over 30 countries with more than 44,000 EzRemit agent locations worldwide.