Currency Exchange International, Corp. announces Exchange Bank of Canada, a new Canadian Schedule 1 bank
TORONTO -- Currency Exchange International, Corp. is pleased to announce that effective September 19, 2016, Currency Exchange International of Canada Corp., CXI's wholly owned subsidiary, has been continued as Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, and is now operating as a Canadian Schedule 1 bank.
EBC delivers specialized wholesale foreign exchange solutions to financial institutions and businesses, including the exchange of foreign currencies, international wire transfers, sale of foreign bank drafts, and foreign cheque clearing.
"This is a major achievement for EBC. The entire Exchange Bank of Canada management team and its Board of Directors are very proud to have been able to continue as a bank in Canada," said Randolph Pinna, President and CEO of CXI and of EBC.
"Now as 'Canada's Foreign Exchange Bank', EBC opens greater opportunities to enhance existing banking relationships and build new worldwide partners. Customers will have access to a strong suite of FX solutions using best-in-class technology, customer support and preferred wholesale exchange rates to provide all EBC customers with significant bottom-line improvements.
"I want to acknowledge and thank our loyal customers and dedicated team at EBC for their support in achieving this milestone. This provides EBC direct access to the global banking network, allowing EBC the ability to deal directly with central banks, further expanding and enhancing our pricing and solutions capabilities. I am looking forward to our EBC team engaging in conversations with Canadian financial and commercial businesses to demonstrate the consultative approach of Canada's Foreign Exchange Bank."
EBC will not be taking deposits or making loans or dealing directly with retail customers as it is focused specifically on establishing direct relationships dealing with select businesses and financial institutions that have requirements for superior international payment and foreign currency products and solutions.