Toronto-based Currency Exchange International, Corp. (CXI) announced on Monday that Currency Exchange International of Canada Corp., CXI’s wholly owned subsidiary, is now operating as a Canadian schedule 1 bank.
Now known as Exchange Bank of Canada (EBC), the bank delivers specialized wholesale foreign exchange services 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,” says Randolph Pinna, president and CEO of CXI and of EBC, in a news release.
Toronto-based 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 businesses and financial institutions that have requirements for international payment and foreign currency products and services.