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BFC Group acquires Malaysia based Ghorka Remit International Sdn Bhd

Bahrain: Thursday, May 09 - 2013 @ 16:43

A relatively young company, Ghorka was established in 2006 and has branches in Kuala Lumpur, Sungai Petani and Muar (Johor) offering remittance solutions to expatriates and locals in Malaysia. BFC Group has acquired a 92% stake in Ghorka leading to a change in name – the company will now be known as BFC Exchange Malaysia Sdn. Bhd (“BFC Exchange”).

The Medan Pasar branch 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 that the ever growing tourist population will also benefit from the services offered.

A key event for the company, the opening of the branch was inaugurated by BFC’s Group Managing Director & Chief Executive Officer, Mr. Ebrahim E. Nonoo, and was attended by the Country Head, Mr. Rajesh Narayanan, BFC Exchange Malaysia’s Directors, and other business associates and valuable customers.

Commenting on the acquisition and the opening of the company’s first branch, Managing Director Mr. Ebrahim E. Nonoo, 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.”

With expansion plans that include opening up to 50 branches across Malaysia over the next 5 years, BFC Group relies on its comprehensive compliance and governance framework to facilitate its ongoing success. BFC Exchange Malaysia will offer customers in Malaysia remittance and money changer services and will cater to the needs of corporate clients as well as the expat and tourist population.

Specialists in moving money smartly and efficiently all the while 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, a international money transfer company
BFC Group was established in 2009 when Bank Alkhair B.S.C., an Islamic financial institution, successfully acquired a controlling stake in Bahrain Financing Company (BFC) in Bahrain, Bahrain Exchange Company (BEC) in Kuwait and BFC Exchange Limited (formerly named EzRemit Limited) in the United Kingdom and 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. The acquisition of Ghorka was part of BFC Group’s growth strategy to expand into the emerging Asian market, following its recently established and growing retail network across India.

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Thursday, May 9- 2013 @ 16:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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