Thursday, August 4, 2011

CIMB Bank sees 45% revenue growth from currency exchange biz

KUALA LUMPUR: CIMB Bank Bhd expects a 40% to 45% growth in turnover from its Bureau de Change (BDC), or currency exchange business, this year, bolstered by the tie-up with the Malaysian Association of Tour and Travel Agents (MATTA).

Its deputy head, retail financial services, Abdul Karim Md Lassim, said last year, the bank registered 30 per cent growth in BDC turnover.

"Last year, the foreign currency exchange transactions were over one million with turnover of RM1.5 billion," he told reporters after the signing of the memorandum of understanding with MATTA on retail forex Pick and Pack Service here Thursday, Aug 4.

Currently, MATTA has over 2,800 members, comprising local tour and travel organisations.

Abdul Karim said the bank planned to open another 17 BDCs from the existing 42 by year-end as part of its strategy to strengthen the business.

Under the Pick and Pack Service partnership, CIMB would provide foreign currency exchange services for travellers to travel agents that registered with MATTA.

"So far, 24 had signed up for the services while six are expected to come onboard soon," he said.

The bank would also guarantee a buy-back of up to 30 per cent of unspent foreign currency at the same rate, subject to a minimum of RM3,000 in equivalent of foreign currency, he said.

He said the travellers would be able to exchange foreign currencies, from 29 foreign currencies available, at travel agents' offices or have the option to either pick up the foreign currencies directly from the travel agents or alternatively, at any CIMB BDC prior to the departure at several locations.

The locations are Kuala Lumpur International Airport and the Low-Cost Carrier Terminal in Sepang, Penang International Airport, Langkawi International Airport, Kuching International Airport and Kota Kinabalu International Airport. - Bernama

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