Manama. Bahrain: 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 BMA welcomes Travelex to Bahrain and that are confident it will significantly enhance the facilities available at Bahrain International Airport.
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.
Travelex is the world's largest retail foreign exchange operator with the world's largest airport branch network. It is also one of the leading retail foreign currency providers in the world.
The Group's range of consumer and business services include retail travel money, corporate forex, banknote outsourcing, travel insurance, travelers cheques, pre-paid cards, money transfer and foreign coin 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.
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Notes to editors:
The Kingdom of Bahrain is the financial capital of the Middle East, with the largest concentration of financial institutions in the region.
The Bahrain Monetary Agency (BMA), the Kingdom's central bank and single regulator for the financial system, currently licences a total of 362 financial institutions, of which 185 are banks and banking-related institutions, 164 insurance and insurance-related firms and 13 capital market brokers.
Bahrain Monetary Agency (BMA)
Contact: Indira Chand/Rima Al Kilani
Tel: (973) 17547522/17547609
E-mail: media@bma.gov.bh
Website: www.bma.gov.bh
© Press Release 2004
