06:06 AM EST, 02/19/2025 (MT Newswires) -- Currency Exchange International ( CURN ) .TO), which is focusing on its more profitable U.S. operations, overnight Tuesday announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada, a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the fourth quarter of 2025, subject to receipt of all necessary regulatory approvals.

With this move, Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties.

CXI reiterated its long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.

Such a move was flagged on January 7, 2025, when CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders.

Its shares edged up $0.10 to $21.50 yesterday.