BWI: BFC Group Holdings Launches New Retail Network in India

Press release from Business Wire India
Source: BFC Forex
Wednesday, April 18, 2012 03:02 PM IST (09:32 AM GMT)
Editors: General: Consumer interest, People; Business: Banking & financial services, Business services, Major diversified industrial groups, Stock exchanges
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BFC Group Holdings Launches New Retail Network in India


Mumbai, Maharashtra, India, Wednesday, April 18, 2012 -- (Business Wire India) -- Kingdom of Bahrain based BFC Group Holdings today announced the launch of BFC Forex & Financial Services PVT LTD (BFC Forex) retail network in India, with the inauguration of its first branch and Head Office in Mumbai. BFC Forex is owned by BFC Group Holdings, which was set up in January 2009 when the Islamic Financial Services Group - Bank Alkhair B.S.C (c), successfully completed its acquisition of a significant stake in Bahrain Financing Company (BFC). BFC is a leading money transfer and foreign exchange company and has been in operation in the GCC since 1917. The acquisition also included Bahrain Exchange Company in Kuwait (BEC) and EzRemit Ltd (BFC Exchange) in the United Kingdom.

BFC Forex is regulated by the Reserve Bank of India (RBI) and was established in December 2004 as an approved licensed entity under the Reserve Bank of India's Money Transfer Service Scheme (MTSS), to enable the inflow of funds into India from BFC customers living outside of the county.

With a network of over 50 strategically located branches throughout the Gulf and a further 10 located in the UK, BFC Group is expanding its retail network with 7 BFC Forex branches in India. As part of the BFC Group's values of trust, care and efficiency, these branches are a commitment to its customers to ensure their inward remittances are received on-time, every time and the receiving customer experiences the same high quality service they do in the send markets. Customers will be able to collect money from one of BFC Forex's retail branches located in Mumbai, Thalassery Tirur, Ernakulam - Cochin, Vadakara and Calicut. The branches will enable customers to receive cash from EzRemit and Moneygram send locations, as well as buy and sell foreign currency.

Commenting on the opening, Mr Nick Bishop, BFC Group Chief Operating Officer said, "India is the largest remittance market in the world and is where the highest proportion of BFC's customer portfolio remit money to each month. Our commitment is not only to the send market but also to ensure that the customers receiving money in India experience the highest standard of customer service that is expected of BFC. We believe that with a presence in the main cities of Kerala and our head office in Mumbai, BFC Forex will be best placed to serve the receiving market and give peace of mind to those sending money from any of the BFC and EzRemit locations across the GCC and beyond."

Mr Bhaskar Rao - Executive Director and Country Head of BFC Forex, also added "We are delighted to launch our retail network of branches in India and look forward to servicing the needs of our receiving customers, through our trusted and convenient money transfer products and great rates."

BFC Forex is licensed as a Fully Fledged Money Changer (FFMC) granted by RBI. It is the sole principal agent of Bahrain Financing Company for their cash remittance product (EzRemit) as licensed by RBI. With the license under the Money Transfer Service Scheme (MTSS), BFC Forex is able to serve customers by cash payments across its own counters and also through a sub agent network of more than 15,000 locations in India.

About BFC Group Holdings

BFC Group Holdings (BFC) is the holding company for BFC Forex, Bahrain Exchange Company (Kuwait) and EzRemit. BFC is a leading money transfer and foreign exchange group, facilitating customers' lives with simple and hassle-free foreign exchange and remittance services. With an extensive global reach covering over 100 countries, BFC has a 90-year history of moving money smartly and efficiently; with the best rates available. Committed to providing reliability, trust and convenience, BFC is competitively positioned in the growing global market. BFC Group offers a vast array of retail products, including remittances, EzRemit, instant cash transfer worldwide, door to door delivery service, demand drafts, travellers cheques, foreign currency banknotes all supported by state-of-the-art systems. For more information visit www.bfcgroupholdings.com for BFC Group and www.bfcforex.com for BFC Forex in India.

To view the photograph, please click on the link below:
Mr. Nick Bishop, BFC Group Chief Operating Officer (left) and Mr Bhaskar Rao - Executive Director and Country Head, BFC Forex (right) launching the BFC Forex retail network in India by inaugurating the Head Office of BFC Forex in Mumbai.
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/BFC.jpg
Mr. Nick Bishop, BFC Group Chief Operating Officer (left) and Mr Bhaskar Rao - Executive Director and Country Head, BFC Forex (right) launching the BFC Forex retail network in India by inaugurating the Head Office of BFC Forex in Mumbai.


CONTACT DETAILS
Suresh Rathod, IPAN Hill & Knowlton, +91 9820007348, srathod@ipanhillandknowlton.com
Vinay Krishnan A, IPAN Hill & Knowlton, +91 9004080278, vinay.krishnan@ipanhillandknowlton.com

KEYWORDS
CONSUMER, PEOPLE, BANKING, BUSINESS SERVICES, GROUPS, STOCK EXCHANGES

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