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FINANCIAL NEWS
UAE Exchange to open offices in 30 new countries
17 Jul 2011
(MENAFN) UAE Exchange’s chief operating officer for global operations, YSudhir Kumar Shetty, said the company aims at opening offices in thirty new countries over the course of the coming three years, thus the company would have operations in a total of 54 countries, reported The National.
Shetty said that the new offices would add to the company’s existing ones around the world which total to 521 branches in 24 countries, including countries like UK and Ireland. He added that with the new offices, the company plans more focus on Italy, Germany, Spain, France and Portugal in addition to Africa.
The COO noted that the company plans to almost double its existence overseas as the business of money transfer and the volume of remittances is growing all over the world as the business recovered from the global financial crisis.
It is worth noting that the World Bank forecasted remittances to developing countries to accumulate USD404 billion by 2013.
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