AFEX Buys GFX Partners

Proquest LLC

AFEX reported the acquisition of GFX Partners.

In its release on Sept. 8, AFEX said this strategic acquisition will strengthen its position in the Canadian and North American markets and follows the acquisition, earlier this year, of the payments and FX business of Jameson Bank, also headquartered in Toronto.

AFEX noted that GFX's existing client base will be integrated within its network, which has a strong presence in the United States, United Kingdom, Europe, Middle East, Asia and Australia.

AFEX said Canada is a key strategic market for AFEX, boasting a developed import and export economy. GFX served over 700 foreign exchange and international payments clients and the acquisition will see AFEX continue to work with those companies, offering small to medium sized businesses the attention normally reserved for large multinational companies.

AFEX notes that Christian Spaltenstein, General Manager of the Americas for AFEX, will oversee the new offices.

"Following on the heels of the seamless acquisition of Jameson Bank's FX business, we're confident that GFX's clients will benefit from AFEX's high-touch service model," said Spaltenstein. "Given the number of Canadian businesses that rely on import and export, managing payment and FX risk is a key concern. We look forward to working with a growing number of Canadian businesses as they address their global payment, treasury and risk management needs."

"Joining with AFEX will give our clients access to a network of international payment and risk management solutions, vital for Canadian companies conducting business on a global scale," said Michael J. Smith, President, GFX. "We're excited about these new opportunities and look forward to continuing to support our clients."