Lulu Ex­change an­nounces ac­qui­si­tion of Al-Falah Ex­change Com­pany

Kuwait Times - - BUSINESS -

Lulu Ex­change, the lead­ing for­eign ex­change and Re­mit­tance Com­pany, yes­ter­day an­nounced that it has en­tered into an agree­ment to ac­quire 100 per­cent own­er­ship of Al Falah Ex­change Com­pany in the UAE. This is a first of its kind large scale ac­qui­si­tion in the UAE, mak­ing Lulu Ex­change the sec­ond largest player in the GCC. With this ac­qui­si­tion, Lulu Ex­change's to­tal branch count goes up by 30 branches to reach 73 in UAE and 170 glob­ally.

Speak­ing about the takeover, Adeeb Ahamed, Man­ag­ing Di­rec­tor, 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. I would like to ex­press my grat­i­tude to the reg­u­la­tors and gov­ern­ment en­ti­ties for their con­tin­ued sup­port."

Launched eight years ago in Abu Dhabi, Lulu Ex­change cur­rently op­er­ates in Oman, Kuwait, Qatar, Bahrain, In­dia, Bangladesh, Philip­pines and Sey­chelles.

Elab­o­rat­ing on the ex­pan­sion plans of Lulu Ex­change, Adeeb Ahamed said, "Our short-term goal (three years) is to ex­pand our foot­print across South East Asia, fol­lowed by Europe. We are also look­ing to tap newer mar­kets both re­gion­ally and glob­ally."

"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," added Adeeb.

"Emerg­ing tech­nolo­gies are driv­ing change in the fi­nan­cial ser­vices in­dus­try and we are con­stantly in­no­vat­ing our method of do­ing busi­ness. Our dig­i­tal app is in its ad­vanced stage of de­vel­op­ment and it will en­cap­su­late all ser­vices that are avail­able in our brick and mor­tar branches. We are cur­rently await­ing fi­nal ap­proval from var­i­ous reg­u­la­tors. Ef­fec­tively, we aim to move 30 per­cent of our trans­ac­tions on to the dig­i­tal plat­form by 2020," con­cluded Adeeb Ahamed.

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