CIMB expects Matta tie-up to boost currency business up to 45%

CIMB Bank expects a 40-45 % growth in turnover from its currency exchange business this year after a tie-up with the Malaysian Association of Tour and Travel Agents.

Its deputy head, retail financial services, Abdul Karim Md Lassim, said last year, the bank registered 30 % growth in currency exchange turnover.

"Last year, the foreign currency exchange transactions were over one million with turnover of RM1.5 billion," he said.

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

Abdul Karim said the bank planned to open another 17 currency exchange business 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.

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 full story is available at Bernama.