HYDERABAD, JULY 31: UAE Exchange is expanding its network in India, as inward remittances have been on the rise in recent months, especially owing to the rupee slide. Mr Varghese Mathew, Zonal Manager of the company, said that inward remittances have surged almost 15 per cent in recent months.
The company will be adding 50 branches to its existing network in the next one to two years, with each branch requiring an investment of about Rs 10 lakh, he told mediapersons here today.
With Andhra Pradesh being an important market for the company, contributing almost 15 per cent of its total turnover, UAE Exchange will be adding seven more branches to its existing network of 38 branches.
It has launched a new scheme across its 302 offices in India. Under this scheme, customers doing a transaction at its branches can win prizes ranging from Toyota cars to LCD TVs and gold coins. The offer is open from August 1 till October 31.
UAE Exchange to open 500 branches in next two years
Hyderabad, Jul 31: UAE Exchange Financial Services, an instant money transfer and foreign exchange multi-national company, has planned to open 500 branches across the country in the next two years and of which 50 branches will be launched in this fiscal, its Zonal Manager Varghese Mathew said today.
Addressing a press conference here, he said 15 UAE branches had already started functioning and the balance 35 will be opened in six months time. Speaking on the investment in the expansion, Mr Varghese, who is in the incharge for Andhra Pradesh, Bihar, West Bengal, Orissa, Assam and Jharkhand states, said on an average, the company invests Rs 10-15 lakh to set up one branch. He said in terms of Forex volume, the company exports Rs 5,000 crore worth foreign exchange every year.
The company’s zonal manager said due to the festival season and to provide service initiative towards customers who were loyal to it a new initiative ‘Win Win Win’ have been announced today which is being introduced across UAE Exchange India’s 302 offices. Customers who do a transaction at any of the UAE Exchange, India branch can win three brand new Toyota Cars, once a month for three months through lucky draw for which a computer coupon will be issued to him/her.
In addition the customer can also win super cool LCD TVs, three every month, and every working day gold coins, he said the offer is open from August 1 and will last till October 31, 2012. ‘We would like the customers to participate in the lucky draw in a big way as it is a festival bonanza,’ he said.Mr Varghese said the company do about two lakh transactions per month in term of money transfer and the volume is Rs 300 crore per month. In terms of Forex revenue, UAE Exchange is India’s largest Money changer in volume and network, he said it has a network of 38,000 agents across India and SBH, IDBI, Axis, Shiram are some of its corporate agents.
He said UAE Exchange, which forayed into Vehicle and Gold Loans three years back is doing a business of Rs.400 crore, which is remarkable performance in a short time. Replying to a question on whether the economic slowdown has had any impact on the company, Mr. Varghese replied in the negative. Speaking about the plans of the company in Andhra Pradesh, Mr N Gopi, Regional Head, UAE Exchange said the company will expand its presence further by opening another five new offices in this fiscal in all the three regions of the state.
The company already has seven branches in the city and 38 in the Andhra Pradesh. He said its range of products and service takes it beyond just global money transferrer and provider of multiple solutions under one roof and added it has the unique distinction as the world’s Trusted money transferrer.