UAE Exchange-Travelex merger: New holding company planned

Operational integration of Travelex, the foreign currency group, acquired by BR Shetty, and the UAE Exchange is on track as part of the long-term merger plan, senior officials from the UAE Exchange revealed.

Talking about the UAE Exchange Group and the NMC Healthcare group’s 35th anniversary celebrations, Dr B R Shetty, an Indian entrepreneur who recently acquired the British foreign exchange company, said the merger plan is going on smoothly.

The group which started with just one outlet in Abu Dhabi to serve the blue-collar workers is now present in 31 countries across the world and with the acquisition of Travelex in many more regions.

Corresponding to the changing demographic profile of overseas migrant workers in the UAE, the group has expanded from just 300 customers per day 35 years ago to an average customer base of 400,000 globally.

“We plan to make a holding company which will retain both the brands, UAE Exchange and Travelex, and we will be present in 2,300 locations worldwide. Travelex brand is present in 1,500 locations worldwide and the addition of 800 UAE Exchange outlets in 40 countries will help us expand,” said Sudheer Kumar Shetty, President, UAE Excahnge, who added that the integration and ultimate merger of the two entities is awaiting approval from various regulators in the countries where the entities operate. “We have been working on the integration of Travelex and UAE Exchange.

“The ultimate plan is for the holding company to go public and list on a major stock market.” Travelex, which was earlier planning to float its shares, shelved the plans after UAE Exchange took over the company.

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