Emirates Post buys 60 percent in Wall Street Exchange for USD15 million
Emirates Post, the official postal service of the UAE, has bought a 60 percent stake in Wall Street Exchange Centre for over $15m. Wall Street Exchange Centre offers a range of money changing services. It also has a presence in the wholesale forex market and operates as the exchange company for other exchange houses, banks and business houses.
“It’s the synergy between the two institutions that has brought them together. This will provide great convenience to the consumers using money exchange and money remittance services in the UAE,” said Asgar Patel, chairman, House of Patels, the group which owns Wall Street Exchange.
According to Emirates Post director general Dhaboos, the alliance will offer a one-stop single-window service to big and small customers to change money, send or receive remittances, buy drafts or simply post letters or send parcels to any location worldwide.
In ’04, Wall Street Exchange Centre opened various foreign currency accounts with the Central Bank of UAE. Wall Street Exchange is one of the UAE’s oldest foreign exchange and money transfer companies established in 1982.
