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STANBIC IBTC Holdings Plc’s Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change (BDC) Limited has discontinued its Bureau de Change business from January 1 by relinquishing its licence.
The discontinuation of the BDC business was primarily driven by changes in regulations, which afford customers with the opportunity of purchasing foreign exchange (Personal Travel Allowance and Business Travel Allowance) from Stanbic IBTC Bank at any of its branches.
The intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be informed when engagements had been concluded, the bank said.
