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FINANCIAL NEWS
UAE’s Network Int’l acquires stake in India’s TimesofMoney
26 Nov 2012
(MENAFN) The UAE’s Network International’s CEO, Bhairav Trivedi, announced that the company bought a majority stake in TimesofMoney, the Indian e-payment giant, reported Xinhua News.
Trivedi said that the move would enhance the UAE firm’s remittance transfer business with the sub-continent, allowing Indian expatriates living in the Gulf Cooperation Council (GCC) to transfer money home online, from their bank accounts to any local or foreign bank in India at a tenth of the costs a usual bank-wire transfer requires.
According to figures from a commercial bank that owns 51 percent of Network International, remittances from the GCC to India hit USD25 billion last year, as around 25 percent of the region’s total population of 40 million people, are Indian expatriates.
It is worth noting that Dubai-based Abraaj Capital, the private equity firm that in 2011 acquired 49 percent in Network International, was mulling listing the payments solution firm publicly.
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