BFC Group gets banking licence in UK

Manama : BFC Group Holdings (BFC Group) yesterday announced that its wholly-owned subsidiary ‘BFC Bank’ has received regulatory approvals to launch operations in the UK. 

The bank received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), said the money transfer and currency exchange service provider in a statement. 

BFC Bank, according to BFC Group, will focus on international payments and cash management services as well as UK domestic payments to Small and Medium-sized Enterprises’ (SMEs).

Ebrahim Nonoo, BFC Group’s Managing Director & 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 where there is a niche in the market to leverage from our knowledge and expertise in international payments and provide a clear and transparent platform for SMEs and PSPs to benefit from. Our Vision is to become the banking partner for companies that require access to international and domestic payment services.”

Elaborating on the bank’s standpoint, Ayman Sejiny, BFC Group Chairman and BFC Bank Chairman said, “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 rates they can afford and reducing their margins significantly.” 

The Group also owns and operates international exchange and remittance companies across Kuwait, the United Kingdom, India and Malaysia with a combined retail network of over 120 branch locations.