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Press Release
Launching of "CBL Money Transfer Sdn. Bhd." a Remittance Company in KL
Rush Money Express Sdn. Bhd., a remittance company owned by a local businessman, changed its name into "CBL Money Transfer Sdn. Bhd." as a bank from Bangladesh, namely The City Bank Limited, acquired 75% of Rush Money's shares with the approval of Bank Negara, Malaysia. The company, coming under a new management and with its new corporate identity, was re-launched at the city's LebohPasarBesar area on September 10, 2013. The same company under its former name "Rush Money Express Sdn. Bhd." has been into remittance business for the last 7 years, since 2007. The Governor of Bangladesh central bank Dr.Atiur Rahman inaugurated the renamed company along with the Bangladesh High Commissioner to Malaysia AKM Atiqur Rahman.

"There are currently some 500,000 to 800,000 Bangladeshi workers working in Malaysia and this number is increasing progressively. Between the two governments, talks are going on to bring in some 1.4 million new workers soon," said the Governor of Bangladesh Bank.

CBL Money Transfer Sdn. Bhd.'s Chairman Aziz Al Kaiser stated that the company has a business plan to operate remittance business at numerous locations all across Malaysia subject to getting approval for each such location from Bank Negara Malaysia and Bangladesh central bank. He said that this company will focus not only on Bangladeshi workers but also on the workers from other countries. Mr. Kaiser in his speech appreciated Bank Negara's prompt support, modern outlook and understanding towards the share acquisition of a reputed 7 year-old company and the change of its name and management.

The company currently has approval to operate remittance business from its Head Office location in Kuala Lumpur. It will soon have its Malacca premises opened and thereon – subject to getting approval from Bank Negara on each new location – the company has a plan to spread its wings across Malaysia over time. The bank stated its optimism over the good future for this company. Its ambitious plans are buoyed by the strong workforce movement from Bangladesh and other nearby countries to Malaysia.

City Bank is a major private bank in Bangladesh. It earned FinanceAsia's "Best Bank in Bangladesh" accolade in 2012 and is the sole franchisee of American Express for that country. The bank started its operation in 1983 and has 102 branches and more than 200 ATMs. Governor of Bangladesh Bank noted in his speech that Malaysia is the 3rd largest remittance market for Bangladesh now and the presence of a modern, technologically sound bank like City Bank will be a game-changer.

Chairman Aziz mentioned that technology based services, ease of communication and very competitive rates will be the unique selling propositions for this company.