BFC acquires Malaysian remittance firm
Manama, May 6, 2013
BFC Group Holdings, the holding company of Bahrain Financing Company, has completed its acquisition of Malaysia-based money remittance company, Ghorka Remit International, by officially launching the first Medan Pasar branch.
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, reported the Gulf Daily News, our sister publication.
BFC Group, the holding company of Bahrain Financing Company, has acquired a 92 per cent stake in Ghorka leading to a change in name to BFC Exchange Malaysia.
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 expatriates 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 Group managing director and chief executive Ebrahim E Nonoo, and was attended by the country head Rajesh Narayanan, BFC Exchange Malaysia's directors, and other business associates and valuable customers.
"The acquisition of Ghorka is in line with the company's international growth strategy," said Nonoo.
"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," he stated.
With expansion plans that include opening up to 50 branches across Malaysia over the next five years, BFC Group relies on its 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.-TradeArabia News Service