Source: Currency Exchange International
Currency Exchange International, Corp. (TSX: CXI) (OTCBB: CURN ), a full service foreign exchange technology and services provider, is pleased to announce its wholly-owned subsidiary Exchange Bank of Canada (EBC) has closed its acquisition of the assets of a Canadian international payments business that has operated 24 years in the Province of Québec.
The regulatory approval for the asset purchase agreement was first announced in the Company’s press release dated June 30, 2020.
“The acquisition of this proven international payments business is reflective of the Bank of Canada's dedication to growing its international payments business line and its total contribution to the bank group. With approximately 400 active corporate customers transitioning to EBC, the transaction is expected to be accretive to the Company’s annual earnings results,” said Stephen Fitzpatrick, Chief Financial Officer of EBC.
The acquired corporate international payment business's assets will be integrated into EBC's current business and will use the Exchange Bank of Canada name. The retained employees are an experienced group capable of streamlining the transition of its corporate customers. Operational efficiencies are expected by bank management due to similar business operations and overlap of some back-office functions. At the request of the seller, further details will remain private.