Los Angeles Business Journal

AFEX Buys Bank in Toronto

By Business Journal Staff Tuesday, April 8, 2014

AFEX, a Woodland Hills provider of cross-border payment services for businesses, has purchased Jameson Bank in Toronto, the company announced Tuesday.

Jameson provides services similar to what AFEX offers and will bring its roster of nearly 4,000 Canadian clients to the deal. In addition, the acquisition will give AFEX new offices in several large Canadian cities.

Christian Spaltenstein, general manager of the Americas at AFEX, will manage the new offices. He said the acquisition will provide a springboard for AFEX’s entry into Canada’s major industries, including energy, mining, agriculture and manufacturing.

“Canada is a key market for us, and with offices in Toronto, Montreal and Ottawa, we look forward to assisting clients with their global payment, treasury and risk-management needs,” he said in a statement.

AFEX expects the acquisition to close during the second quarter. Financial details were not disclosed.