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| Sunday, 28 March 2004 |
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| News Business Features Editorial
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Travelex plans expansion here by CHANUKA MANNAPPERUMA The World's biggest foreign exchange specialist, Travelex, is planing to further expand its commercial operations in Sri Lanka and South Asia. The future strategies of Travelex in Sri Lanka include strengthening its business-to-business segment by offering more innovative products while developing its business-to-consumer segment by expanding into the retail sector islandwide. Country Manager Sri Lanka and Maldives, Keith Livera, said when Travelex acquired Thomas Cook Global & Financial Services, last year, by investing Sterling Pounds 440 million, it had recognised South Asia as a high growth region that complemented its business activities. The region's prevailing economic prosperity,attractiveness as a destination and increase of inbound business and leisure travellers, especially to Sri Lanka,would make the region a potential market that should be explored. Managing Director of Travelex, Yogesh Shetty, said,"We have 60% market share for travellers cheques in Sri Lanka. "We will be introducing new products where we will have a 100% market share.Further, we will be largely targeting the inbound funds 'market' which will in turn yield valuable foreign exchange to the country. Travelex, which re-launched travellers cheques in Sri Lanka will also introduce the electronic cash passport within the next two months,another first in the Sri Lankan market.It operates through 650 retail outlets in 130 countries and is one of the world's largest travel insurance agencies. Since the company is committed to developing innovative products designed to meet the changing needs of travellers-from traditional travellers cheques and foreign currency to new products such as prepaid cash cards and travel assurance - the organisation's new product line for the Sri Lanakan financial community will include instant money transfers,branded Travelex Money Transfer and Cash Passport (a pre-paid international cash card). Since its formation in 1976, Travelex has evolved from being an innovative bureau de change operator into a dynamic,pioneering and diversified worldwide foreign exchange business. Its wide variety of consumer and business services, together with its rapid growth and unique entrepreneurial culture, have provided the platform for the emergence of Travelex today as the world-leading company in its field,with business relationships in over 110 countries,and offices in over 35 countries, serving over 29,000,000 customers each year. |
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