Bahrain Monetary Agency grants licence to Travelex
The Bahrain Monetary Agency (BMA) has granted a licence to Travelex, the world’s largest retail foreign exchange operator.
Travelex Bahrain is a joint venture between Travelex (UK) and Bahrain’s Jawad Business Group, on a 60-40 basis.
Travelex will have full management control of Travelex Bahrain, which will, initially, operate four bureaux de change at Bahrain International Airport. The bureaux will offer a range of primary Travelex foreign exchange products, such as buying/selling of foreign banknotes; sale and encashment of travellers’ cheques; global money transfers; wholesale currency services to retailers and other airport businesses; and pre-paid travel and money transfer cards.
The firm’s services to passengers and customers at the airport will also include travel insurance, value added tax (VAT) reclaims and excess baggage storage facilities.
Travelex Bahrain will also work closely with airport businesses and airport operators, providing solutions to their financial needs.
The Travelex Group was founded in UK in 1976 as a bureau de change. Today, the Group has offices in 31 countries and corporate relationships in 97 countries. In 2000, the Group acquired Thomas Cook Global & Financial Services.
In 2003, the Group’s turnover amounted to 465.5 million Sterling (BD322 million), while pre-tax profit was 53.4 million Sterling (BD37 million).
The Bahrain venture is Travelex’s second airport operation in the Middle East, with the first established in Oman last year. (menareport.com)
© 2004 Mena Report (www.menareport.com)