Thrust on exploring new and potential arena of remittance
EXIM Bank opens second exchange house in Canada

FE Report

Export Import Bank of Bangladesh Limited opened its own exchange house 'Exim Exchange Company (Canada) Ltd' at Toronto, Canada Saturday.

This exchange house, registered with Canadian regulator FINTRAC, is a compliant official money transfer channel to serve Bangladeshi expatriates working and living in Canada.

The Chairman of the bank Mr. Md. Nazrul Islam Mazumder inaugurated the exchange house at Danforth Road in Toronto. Yakub Ali, Bangladesh high commissioner in Canada was present as special guest on the occasion.

"EXIM ventures to explore this new and potential arena of remittance as a first Bangladeshi private bank. Following the launching of its second exchange house, our bank cherishes the vision of being a major force in the country's remittance influx eyeing upon countries with a large number of Bangladeshi expatriates," Managing Director of EXIM Bank Kazi Masihur Rahman told FE.

'Exim Exchange Company (Canada) Ltd' is a wholly-owned subsidiary of Exim Bank with a paid-up capital of Canadian dollar 600,000.00 after being incorporated in September of 2009.

EXIM Bank opened its first exchange house in London, UK as the first Bangladeshi private bank. Before stepping into its second year of operation the UK exchange house is also in the process of starting trade finance business besides remittance.

"It is another milestone in its streamlined way of continued success of EXIM Bank", Kazi Masihur Rahman said.

He thanked Bangladesh Bank for support and encouragement in smooth official expansion of remittance business.

EXIM Bank officials said though the number of expatriate Bangladeshis in Canada is increasing, but the flow of homebound remittance is proportionately low through official channel.

"That's why we have initiated to open the exchange house in Toronto to establish a bridge between Canadian NRBs and their families making the money transfer process easier than ever before," the EXIM Bank MD said.

"We will ensure five key things--reliability, speedy delivery, good exchange rate, minimum commission and quick response to inquiry--", said Mr. Rahman.

"In order to ensure speedy processing of inward remittances, at EXIM Bank Head Office, we have set up an IT-driven centralized Remittance Processing Centre. A knowledgeable, highly skilled and proficient team dedicated for handling remittance received from exchange houses adds to our strengths. This well-organized team is waiting to collaborate with the newly- established Canada outlet, "Mr. Rahman said.

"We are planning to offer customized banking products for the NRBs and the receivers of NRB remittances in Bangladesh."

Currently EXIM Bank has 52 branches across the country and planning to set up more branches and SME centres in different remote locations where beneficiaries of foreign remittance live.

Mr. Rahman said. "We have already established mutually beneficial partnership with some PCBs/ NCBs having large branch network to ensure countrywide network of delivery points of remittances".

"EXIM persistently endeavours to narrow the gap of distance between the remitter and the beneficiary and deliver remittance in quickest possible time".

EXIM Bank is already an active member of ELDORADO which has over 700 outlets including many remote areas.