OzForex Stocks Have Been Crushed After Westpac Pulled Its Services

A teen dives off the rocks at Arpoador in Rio de Janeiro, Brazil. Mario Tama/Getty Images

Shares in OzForex dropped more than 9% after Westpac announced it was withdrawing from providing banking services to the online foreign exchange group.

Westpac’s move, to take effect from the end of March, is part of a general withdrawal from the money service industry.

Neil Helm, OzForex CEO, says service to clients will not be impacted.

“Since being founded in 1998 we have recognised and acknowledged that banking relationships are key to our business and as such have committed significant time and resources building a strong network of banking partners which include some of the largest financial services institutions in the world,” he says.

“We will leverage these existing relationships to replace the services that Westpac currently provide with minimal impact for our clients.”

OzForex has banking relationships with 15 financial services institutions globally including Bank of New York Mellon, Bank of America Merrill Lynch, Barclays Bank, Macquarie Bank and National Australia Bank.

OzForexsahres are trading at $2.46, more than 9% down.

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