Travelex to launch foreign exchange service in India

Thursday, 09 October 2003, 19:30 IST
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NEW DELHI: Travelex Worldwide Money, leading global foreign exchange specialist headquartered in London, will be launching its services in India on October 31 through a Mumbai-based subsidiary. "India is to be developed as a hub for business development in the region," Yogesh Shetty, group director for commercial foreign exchange said in a statement Wednesday. "Given the region's gradual deregulation of the financial services industry and the opening of local markets to encourage competition, we are now looking at broadening our franchise in Asia over the next few years," said Shetty. In addition to foreign exchange services, the group is seeking to provide a range of corporate and commercial services for international companies and financial organisations in India. One of the largest non-bank provider of commercial foreign exchange services, the group is also a leader in providing outsourced travel money to banks, travel agencies and other financial institutions besides being one of the oldest issuers of travellers' cheques.
Source: IANS
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