ADAG acquires stake in Forex company 'Wall Street Finance'

India-based Reliance ADAG (Anil Dhirubhai Ambani Group) is entering foreign exchange currency business by acquiring 33.5% stake in Wall Street Finance, part of the House of Patels.

The House of Patels owns about 65% stake in the publicly held Wall Street Finance. In a similar deal, in 2005, House of Patels had sold 60% stake in Wall Street Exchange (WSE) to Emirates Post (Empost). Discussions are also on with Reliance for USA and Canada markets. ADAG finalized the Wall Street Finance deal very fast based on the upward trend in the current exchange market. Empost was given first choice for taking up stake in Wall Street Finance.

House of Patels in also now interested in completely selling off its remaining stake in the company and currently is in discussion with its majority stakeholder Empost. Wall Street Exchange Centre is operating in UAE since 1982.

Earlier through this deal Emirates Post has further strengthened its presence in financial services. Wall Street Exchange Centre, UAE, is a dynamic player in the Exchange and Remittance Business. The company also shares a correspondent relationship with over 80 countries worldwide and has over 1,000 agent locations in India alone, promoting its services.

Mr. Asgar Patel, Chairman and founder of the House of Patels, said:

'We at the House of Patels are proud to have developed such a powerful brand in the money exchange business both in UAE and India and also worldwide through our large network. I am sure the brand will have a new flavour in the days to come based on the wealth of experience Reliance Money has gathered over the years. We are confident that we can create another great success story as we have done it in UAE with Wall Street Exchange and Emirates Post.'

Wall Street Finance, set up in 1986, is an authorised dealer Forex-II (which means they can offer foreign remittance as well as money changing services). It is one of the principal agents of Western Union Money Transfer and operates over 3,500 locations for money transfer. Wall Street Finance is registered with Reserve Bank of India as a Non-Banking Finance Company and has over 38 branches spread across India.

Wall Street Exchange Centre has been one of the market leaders in money exchange and bank note activities. Its activities include buying and selling of more than 100 types of currencies. It has a strong presence in the foreign currency wholesale market and is considered as the exchange company for other exchange houses, banks and business houses. It is also a leader in the Travelers Cheques product category. Wall Street Exchange Centre has a separate Wholesale Bank Note Department, complemented by a full-fledged department linked to a Reuters dealing system.

Reliance Money Express was formed after Reliance acquired Travelmate Services, a part of Kuoni Group, in November 2006. The company is now a wholly owned subsidiary of Reliance Capital. The company has been in the money transfer services (MTS) and full-fledged money changing (FFMC) business in the country since 1993.

Mr. Patel built his empire with Patel roadways, the logistics arm of the company and is rated as one of India's best and one of the largest transport companies with over 350 branches and 8000 people. House of Patels is a multi million-dollar conglomerate with interest in diversified fields including Transportation, Logistics, Finance, Constructions, Courier and Real Estate Developments.