According to Companies House, BFC Exchange Limited, which has been operating in the UK since 2003, will now be known as BFC Bank Limited. 

Last week, BFC Bank received authorisation from the Prudential Regulation Authority and the Financial Conduct Authority for a UK banking licence. 

It has now entered mobilisation to finalise its launch as a UK bank. 

BFC Bank is the latest venture of Bahrain-based BFC Group, which specialises in global money transfers and foreign currency exchange.

The bank will offer low-cost basic corporate banking products that are designed to simplify how overseas payments and foreign exchange are managed and complement existing banking arrangements for SMEs.

The bank will also be giving support and services to payment service providers (PSPs) who face difficulty accessing bank accounts as well as domestic and international payments.

Nic Martin, CEO of BFC Bank, felt reliable, cost-effective payments were a vital requirement for internationally focused companies. 

“They need efficient solutions in which they have confidence. I am excited to be part of this initiative, which offers a fresh, much-needed, open and transparent approach. 

“BFC Bank will also play an important role in the remittance sector at a time when PSPs may find it difficult to access bank services."

Ebrahim Nonoo, managing director and CEO of BFC Group, added: “I am delighted to expand our presence in the UK and enter the banking arena at a time when there is a niche in the market to leverage our knowledge and expertise in international payments, and to provide a clear and transparent platform for the benefit of SMEs and PSPs. 

“Our vision is to become a banking partner for companies that require access to international and domestic payment services.”

Ayman Sejiny, chairman of BFC Group and BFC Bank, concluded: “Building on our heritage and our culture of listening to our clients and the market, we believe our simple, yet effective, business model has the components to provide a clearer future for international payments and cash management, offering smaller companies the opportunity to conduct payments at a cost they can afford."