DUCA moves forward on diversified growth plan with acquisition of Continental Currency Exchange, Ltd.

TORONTO, Jan. 18, 2022 /CNW/ - DUCA Financial Services Credit Union Ltd. (DUCA) is taking an important step along its planned growth and business diversification trajectory with the planned acquisition of Continental Currency Exchange, Ltd. (CCE). DUCA is one of Canada's fastest growing credit unions and the intention to acquire CCE, one of Canada's largest foreign exchange bureaus, promises profitable collaboration and growth opportunities for both organizations.

Doug Conick, DUCA's President and CEO, cites CCE's distribution channel and their efficient, effective currency exchange services as key factors in the decision to pursue the acquisition: "Incorporating CCE into our Credit Union will allow us to grow and expand our product and service offerings."

CCE has 19 branch locations across Ontario and, according to Mr. Conick, "CCE has a stellar customer satisfaction record plus they are leaders in providing global foreign exchange. Bringing them in to the DUCA fold will be a worthy complement to the DUCA promise to help our Personal and Business Members do more, be more, and achieve more with their money, their lives, and their business. We look forward to integrating CCE's services into the suite of services and benefits related to everyday banking, lending, and financial counsel that are already valued by DUCA Members."

At the same time, the acquisition by DUCA will provide CCE with access to exciting new market opportunities. Tom Robertson, CCE's CEO, states "Under DUCA's ownership, we anticipate strong organic growth, while continuing to provide our longstanding individual and corporate clients with low cost, international access to currency through a variety of modern technologies, including online ordering. With over 30 years of continuous operations in Canada, CCE's success will continue to be driven by our unique combination of industry leading FX products and a customer-first approach to service."

It is anticipated the acquisition will finalize on March 31, 2022. CCE will continue to operate under its own name and brand.

About DUCA Financial Services Credit Union 

DUCA Financial Services Credit Union Ltd. (DUCA) was formed in 1954 and has grown from a single branch credit union in Toronto to 17 branches across the GTA and Central Ontario with over 83,000 Members and over $6 Billion in total assets including assets under management. DUCA provides comprehensive banking services to both individuals and businesses through an innovative Co-Operative Banking model. With no-fee banking, attractive mortgage and lending rates, a Profit-Sharing program that rewards Members, and a commitment to communities, DUCA is an excellent alternative to traditional banking institutions. For more information visit www.duca.com.

About Continental Currency Exchange, Ltd.

Continental Currency Exchange, Ltd. (CCE) is one of Canada's leading retailers of foreign exchange services, with 19 branch locations across Ontario. The company offers foreign exchange conversion services, including international bill payments, online ordering, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in approximately 100 currencies, in addition to a growing suite of digital products. The company's Privilege Program offers clients no service fees on all cash transactions, premium discounted exchange rates, and lower prices on services including money transfers and wires. For more information, visit www.continentalcurrency.ca.

SOURCE Duca Financial Services Credit Union Ltd.

Pippa Nutt, Chief Marketing and Member Solutions Officer, DUCA Financial Services Credit Union Ltd., 416.470.6494, [email protected]