OTTAWA, September 7, 2017 –The Federal Bridge Corporation Limited (FBCL) announced today that, as part of its strategic review of business operations, the Corporation has decided to cease operations at its currency exchange located at the Blue Water Bridge (BWB) in Point Edward, on February 28, 2018. The currency exchange, as a store front business, is an ancillary business to FBCL’s core business mandate which is to build, maintain and operate bridges and associated infrastructure.
FBCL will proceed with a competitive process shortly for the purposes of entering into a lease agreement with an independent third-party to offer the building for future business ventures aimed at enhancing the customer experience at the Blue Water Bridge location.
The currency exchange storefront’s primary objective was to generate revenue for the purpose of contributing funds to the long-term capital plan of the international bridge and associated facilities. However, following a careful review of the compliance, opportunities, risk frameworks and mitigation strategies, FBCL concluded that its overall business objectives would be best achieved through leasing the space to a third-party.
Seven positions are impacted and all employees have been provided with options in accordance with their terms of employment and the collective agreement.
All currency exchange services will be continued up to the February 28, 2018 closure date.
For further information:
The Federal Bridge Corporation Limited
(613) 366-5074 x 121