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 UAE Exchange to open 500 branches in next two years

Hyderabad|India|August'2012: UAE Exchange Financial Services, an instant money transfer and foreign exchange company plans to open 500 branches in the next two years. The company will be opening 50 branches this fiscal informed Mr. Varghese Mathew, Zonal Manager, UAE Exchange, the in-charge for Andhra Pradesh, Bihar, West Bengal, Orissa, Assam and Jharkhand states. Speaking on the occasion of the launch of a new customer promotion initiative “Win Win Win” at Hyderabad he informed that in terms of Forex volume, the company exports Rs.5000 crores worth foreign exchange every year.

The new initiative “Win Win Win” announced today is introduced across UAE Exchange India’s 302 offices. Customers who do a transaction at any of the UAE Exchange, India branch can win three brand new Toyota Cars, one a month for three months. In addition can also win super cool LCD TVs, three every month, and every working day gold coins. The offer is open from 1st of August and will continue till October 31st, 2012.

Mr. Varghese speaking further said that the company does about 2 lakh transactions per month in term of money transfer and the volume is Rs.300 crores per month. In terms of Forex revenue, UAE Exchange is India’s largest Money changer in volume & network. It has a network of 38,000 agents across India. SBH, IDBI, Axis, Shiram, etc. are some of its corporate agents. UAE Exchange, which forayed into Vehicle & Gold Loans three years back is doing a business of Rs.400 crores, which is remarkable performance in a short time. Replying to a question on whether the economic slowdown has had any impact on the company, Mr. Varghese replied in the negative and said that in fact they are expanding and plan to open 50 branches across India this fiscal. Fifteen branches have already started functioning and the balance 35 will be opened in 6 months time. Speaking on the investment in the expansion, Mr. Varghese said that on an average, the company invests Rs.10-15 lakhs to setup one branch.

Speaking about the plans of the company in Andhra Pradesh, Mr. N. Gopi, Regional Head, UAE Exchange said the company will expand its presence further by opening another five new offices in this fiscal in all the three regions of the state. The company already has 7 branches in the city and 38 in the Andhra Pradesh.

-August '2012

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