Online Forex Firm Gets Set For Growth

Monday, 1 August 2005


Tim Finlay - Australian Financial Review


OzForex, the online foreign exchange operator, yesterday signalled its ambition to take on the big Australian banks with the appointment of a former Bankers Trust high-flyer as a managing director.

Gary Lord, a former BT managing director and head of Asian foreign exchange, will oversee an expansion into offshore markets and the development of OzForex's domestic product range. OzForex founder Matthew Gilmour, another former BT executive, said he was "delighted" to attract such "an experienced and high calibre executive who will play a crucial role in guiding the firm through its next growth phase".

OzForex was launched in April 1998 to provide smaller customers with better and cheaper foreign exchange services than the big banks.

The Sydney-based company now operates in the Australian, UK and New Zealand markets and has become one of the world's leading online foreign exchange services, with more than 300,000 visitors a month and more than 11,000 customers globally.

The firm is to open an office in London, home to 60,000 import and export businesses, to be headed by Andrew Porter, who is now manager of corporate business. Mr Lord left BT in July 1999.

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