Exchange Centre LLC Dubai, Oct. 30, 05 (WAM)-- Emirates Post today announcedthe acquisition of majority shareholding of 60 per cent in WallStreet Exchange Centre LLC, one of UAE's biggest and oldest foreignexchange and money transfer companies, operating since 1982.

An agreement on the Dhs. 48 million deal was signed by AbdullahIbrahim Al Daboos, Director General, Emirates Post, and AsgarShakoor Patel, Managing Director, Wall Street Exchange CentreLLC, at Emirates Post headquarters in Dubai.

The move marks Emirates Post's foray into financial services,following an amendment to Federal Law No. 8, okayed by the UAEgovernment in a decree dated 10th August 2005, permitting thecorporation to diversify into money exchange and related financialactivities.

Wall Street Exchange Centre, UAE, is a dynamic player in theExchange and Remittance Business. It is part of the Indian multinationalHouse of Patel Group that has a global presence through its officesin UK, US, UAE, Canada, Hong Kong, Pakistan and India. Wall Streetalso shares a correspondent relationship with 70 countries worldwideand has over 1,000 agent locations in India alone, promotingits services.

Addressing the media, Al Daboos said: "This agreement representsa major step for Emirates Post and crowns several months of behind-the-scenesactivity, preceding the deal. Diversifying into the field offinancial services significantly enhances our service portfolioand opens new avenues for growth and increased customer base".

"Having studied the money exchange and money transfer businessin the UAE, we found that Wall Street Exchange Centre had excellenttrack record and strong reputation among customers as well asfinancial institutions," said Al Daboos. "As a majorityshareholder, Emirates Post is looking forward to building onthese strengths to take the company to new heights".

Al Daboos revealed that the Wall Street Exchange's financialservices would be gradually extended to Emirates Post's networkof 78 post-offices from 2006. He also said that the existingnetwork of the Wall Street's overseas branches would be expanded,to cover Arab countries as well as new international markets.

Asgar Patel said, "The synergies bring Wall Street ExchangeCentre and Emirates Post into an amalgamation which would rendergreat convenience to the remitting customers in the UAE, GCCand worldwide." Wall Street Exchange Centre recorded impressive growth during2004, with profits rising to AED 8.72 million, an increase ofover 71 percent over the previous year. During 2004, it achievedthe breakthrough of opening various currency accounts with theCentral Bank of UAE, a privilege extended only to a handful ofnon-banking financial institutions.

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