The Hindu Business Line : Emirates Post buys 60 pc stake in House of Patels group co

EMIRATES Post has bought out a 60 per cent stake in Wall Street Exchange Centre LLC for over $15 million. Wall Street Exchange is part of an Indian multinational group — House of Patels, which has major interests in the fields of logistics and financial services worldwide.

Mr Asgar Patel, Chairman, House of Patels, said in a statement made available to Business Line: "It is the synergy between the two institutions that has brought them together. This would provide great convenience to the public utilising money exchange and money remittance services in the UAE."

Mr Abdulla Al Daboos, Director General, Emirates Post, said: "The alliance would offer tremendous convenience to customers through a one-stop-single-window service for small as well as large customers who would like to change money, send or receive a remittance, buy a draft or simply post a letter or send a parcel to any location worldwide." He further adds, "This association will also ensure that customers would now have around-the-corner access to the best infrastructure and IT systems possible in this business."

Wall Street Exchange Centre LLC is one of the UAE's reputed and oldest foreign exchange and money transfer companies established in 1982. It currently operates 9 branches across the UAE and has correspondent relationships in over 50 countries worldwide.

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