Currency house Lulu Exchange has snapped up Al Falah Exchange Company for an undisclosed sum, it announced on Tuesday.
The acquisition is the first of its kind between exchange houses in the UAE and makes Lulu Exchange the second larger player in the GCC, it said in a statement to media.
Under the deal, Lulu Exchange has acquired 100 percent of Abu Dhabi-based Al Falah Exchange Company, boosting its branch count by 30 to reach 73 in the UAE and 170 globally.
Adeeb Ahamed, managing director at Lulu Exchange, said: “We are very excited with this new acquisition, which will help us further consolidate our network of branches, thereby serving a much bigger customer segment.”
He added: “Being a highly service oriented business, reach is of paramount importance, hence we believe that acquisitions are very integral to grow our numbers.
“I am pleased that our level of acquisition activity has picked up in the past five years, during which time we have added more than 80 branches to our portfolio and we are constantly on the lookout for opportunities that will further bolster our reach and network.”
Al Falah’s 30 branches will reportedly be rebranded as Lulu Exchange, Ahamed reportedly told The National, and the company expects business to increase by 50 percent.
Lulu Exchange is part of the UAE’s Lulu Group and offers financial services such as remittances, currency exchange and salary administration. It launched eight years ago and operates in the UAE, Oman, Kuwait, Qatar, Bahrain, India, Bangladesh, the Philippines and the Seychelles.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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