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The Lulu International Exchange, part of the UAE-based Lulu Group which operates one of the biggest retail chains in the Gulf, has set up its first liaison office in India at Kochi.
Speaking to the media after the formal opening of the liaison office, Mr M. A. Yusuffali, Managing Director of the Group, said, “After establishing ourselves as a world-class retailer, we are now branching out into new sectors that will complement our core retail business and at the same time open new frontiers of growth for us. Within a span of two years we have opened 16 exchange centres in the UAE and Oman as well as a liaison office in Bangladesh.”
Forms alliances
The Lulu International Exchange has also signed strategic alliances with a number of international banks, including some in India, to offer financial solutions to both retail and corporate clients.
The new venture is likely to be the group's stepping stone into the Indian financial sector, which has been attracting new players and new forays. Many more such initiatives are likely to be announced soon, said Mr Adeeb Ahamed, CEO, Lulu International Exchange.
While announcing his plans for opening liaison offices in other countries soon, Mr Yusuffali emphasised the huge potential of the Indian market, especially Kerala, adding that the exchange company would play a major role in attracting remittances from NRIs to their home country.
“The main function of the liaison office will be to further strengthen existing relationships with banks and financial centres and at the same time establish new ones in the vast Indian market. Other operations will include providing support for our inward remittance business and to help regular bank reconciliation on a daily basis,” Mr Adeeb Ahmed added.
To provide enhanced knowledge about the international market, the liaison office would train the staff and equip them to work overseas in future. The Lulu Group, which employs 24,900 employees worldwide, has 18,000 staff from Kerala. “I have great confidence in Keralites. They are intelligent and hard-working,” Mr Yusuffali added.
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