Emirates Post has announced the acquisition of a majority shareholding of 60 per cent in WallStreet Exchange Centre LLC, one of the UAE’s biggest and oldest foreign exchange and money transfer
companies. The deal gives the ambitious UAE national postal company an entry into the financialservices sector.Wall Street Exchange Centre -UAE is a dynamic player in the exchange and remittancebusiness, and is part of the Indian multinational House of Patel Group that has a global presencethrough its offices in UK, US, UAE, Canada, Hong Kong, Pakistan and India. Wall Street also sharesa correspondent relationship with 70 countries worldwide and has over 1,000 agent locations inIndia alone, promoting its services.
Emirates Post director general Abdullah Ibrahim Al Daboos said: “This agreement represents amajor step for Emirates Post and crowns several months of behind-the-scenes activity, beforeconcluding the deal. Diversifying into the field of financial services significantly enhances ourproduct offering and opens new avenues for growth and an increased customer base.”
Wall Street Exchange Centre recorded impressive growth during 2004, with profits rising toAED 8.72 million, an increase of over 71 per cent over the previous year. During 2004, it achievedthe breakthrough of opening various currency accounts with the Central Bank of UAE, a privilegeextended only to a handful of non-banking financial institutions.
