Currency Exchange International to Discontinue Canadian Subsidiary Operations

An announcement from Currency Exchange International ( (TSE:CXI) ) is now available.

Currency Exchange International, Corp. announced its strategic decision to discontinue operations of its subsidiary, Exchange Bank of Canada, due to a challenging business environment in Canada. This move allows the company to concentrate on its U.S. operations, where significant growth potential is identified. The company plans to pursue referral agreements for EBC’s customers and employees with other Canadian financial businesses. Despite incurring one-time costs associated with the closure, CXI expects to remain profitable and maintain a positive long-term outlook by focusing on its fintech businesses in the U.S.

More about Currency Exchange International

Currency Exchange International, Corp. is a company involved in the foreign exchange and payments industry, focusing on leveraging its proprietary FX and payment software to drive growth, particularly in the U.S. market.

YTD Price Performance: -6.97%

Average Trading Volume: 5,022

Technical Sentiment Consensus Rating: Buy

Current Market Cap: C$133.4M

Learn more about CXI stock on TipRanks’ Stock Analysis page.