Reliance Money Express to acquire British money changer

March 13th, 2009 - 7:53 pm ICT by IANS  

Mumbai, March 13 (IANS) Reliance Money Express (RME), the cash transfer arm of the Reliance-Anil Dhirubhai Ambani Group (R-ADAG), Friday said it will acquire controlling stake in Britain-based money changer No1 Currency.
“While looking for opportunities to widen our services internationally, we found that No1 Currency offered a strong proposition both in terms of synergy and added value,” said RME director and chief executive Sudip Bandyopadhyay.

RME was created in September 2007 after the acquisition of Travelmate Services by the R-ADAG. Travelmate was one of the largest partners of global money exchanger Western Union in India.

Both parties would have equal representation on the board of the acquired company.

“We are delighted to have Reliance Money Express as a large shareholder in our company and on becoming a part of the Reliance Anil Dhirubhai Ambani Group,” No1 Currency managing director Mark McElney said.

RME is the first Indian company to acquire an international foreign exchange company, a company statement said. Last year, RME had acquired a majority stake in another foreign exchange and money remittance service provider Wall Street Finance.

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