Xpress Money, an instant money transfer brand, will be brought under a holding company prior to taking it to the public, said

Sudhir Kumar Shetty, Chief Operations Officer of Xpress Money in Dubai on Tuesday.

By the end of 2011, he said Xpress Money will register a 52 per cent increase in its agent network size taking it from 85,000 locations in 95 countries to 135,000 locations in 125 countries. This network comprises of leading banks, NBFCs, Exchange Houses, Postal Unions and Single Agent Locations.

“There are a lot of formalities that need to be completed. We are operating in a number of countries and there needs to be a central holding company to hold all these units. Once all the units are formalized under one holding company, then I think is the time to go public. Over the next two years, we’ll complete all the legal formalities for the establishment of a holding company,” Shetty said, adding that “first we will put these things in place and then think of timeline.”

With regard to establishing the headquarter, he said: “UAE is the place where we started our business 30 years ago; so UAE is our first choice.”

Shetty was speaking at the launch of new logo of Xpress Money.

In addition to this, the company’s network in Europe will grow to about 1,000 locations by the end of 2012. Xpress Money already boasts the largest network in the Philippines. It is also the 2nd largest brand in India, and now the preferred instant money transfer service brand in Pakistan.

Abdulla Humaid Ali Al Mazroei, Chairman of Xpress Money, said: “Xpress Money began with a single-minded purpose to support the growing expatriate community in a way that helped ease the stress of living away from home and family. That purpose took on the concrete form of a simple, convenient and efficient way to send money back home to their families. The conviction and power that supported the purpose was the impetus that brought Xpress Money to the position it enjoys today, and I’m proud that today millions of people trust Xpress Money with their hard-earned money and are confident that through us their families are safe.”