Lulu Ex­change an­nounces ac­qui­si­tion of UAE’s Al Falah Ex­change Com­pany

Muscat Daily - - PRESS RELEASES -

Lulu Ex­change, the lead­ing for­eign ex­change and re­mit­tance com­pany, has an­nounced that it has en­tered into an agree­ment to ac­quire 100 per cent 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.

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 the Sey­chelles.

Ahamed said, “Our short­term 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 ser­vice­ori­ented busi­ness, our 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.

“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 per cent of our trans­ac­tions on to the dig­i­tal plat­form by 2020.”

Lulu Ex­change is one of the world’s lead­ing global for­eign ex­change, money re­mit­tance and fi­nan­cial ser­vices en­ter­prise. Reg­u­lated by the re­gional reg­u­la­tory au­thor­i­ties in the coun­tries of its op­er­a­tion, the or­gan­i­sa­tion of­fers a range of fi­nan­cial ser­vices such as re­mit­tances, cur­rency ex­change, im­port and ex­port of cur­ren­cies, wage and salary ad­min­is­tra­tion along with other value-added ser­vices.

Lulu Ex­change has its global head­quar­ters in Abu Dhabi and op­er­ates across the UAE, Oman, Kuwait, Bahrain, Qatar, In­dia, the Sey­chelles, the Philip­pines and Bangladesh.

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