Emirates Post inks deal for UAE forex firm

Company says it has acquired remaining 40% stake in Wall Street Exchange Centre
Emirates Post inks deal for UAE forex firm
(Photo for illustrative purposes only)
By Andy Sambidge
Sat 11 Feb 2012 03:55 PM

Emirates Post Group Holding on Saturday said it had acquired the remaining 40 percent shareholding in Wall Street Exchange Centre, one of UAE's largest and oldest foreign exchange and money transfer companies.

The acquisition covers Wall Street Exchange UAE, Wall Street Exchange Hong Kong, Wall Street Exchange United Kingdom and Instant Cash, the company said in a statement.

The Wall Street Group has 35 branches worldwide, include 24 in the UAE, it added.

The 40 percent shares were earlier held by Asgar Shakoor Patel, the founder of the company.

"Emirates Post Group is pleased to announce that Wall Street Exchange is now a fully owned subsidiary of the group," said Fahad Al Hosani, acting president of Emirates Post Group Holding and chairman of Wall Street Exchange.

"We are confident that the full ownership of Wall Street Exchange will help us lead the company to new heights by taking bold and innovative steps to compete in a crowded marketplace."

Sultan Bin Kharsham, managing director, Wall Street Exchange, added: "The acquisition of the remaining 40 percent shares of Wall Street Exchange will boost our credentials and relationships with financial institutions.

"It will also help us to devise new growth strategies and add innovative products and new channels, including a host of online and electronic services."

In October 2005, Emirates Post acquired a 60 percent stake in Wall Street Exchange. The move marked the company's first foray into financial services.

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.