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Exchange eyes 30pc market share in Bahrain

Bahrain Business
Fri, 10 Aug 2018
By Avinash Saxena
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MANAMA: LuLu International Exchange, the remittance and foreign exchange division of Middle East retail major LuLu Group, yesterday opened a new branch in Seef Mall Muharraq.

The branch that started receiving customers yesterday has been relocated from the basement level of the mall to level one, where it is adjacent to the Carrefour supermarket.

It was inaugurated by LuLu International Exchange chief human resources officer Mohan Raja and Bahrain general manager Sudhesh Kumar in the presence of other senior management, staff and guests.

The exchange house currently has 12 branches across Bahrain, one each in Juffair, Tubli, Zinj, Umm Al Hassam, Salmaniya, Gudaibiya, Hidd, Manama, Muharraq, Shaikh Isa Al Kabeer Avenue and two in the Riffa region.

Mr Kumar said the company is moving ahead with expansion plans with the 13th branch set to open in the Muharraq central market by November or December this year.

It is targeting at least 30 per cent share of Bahrain’s remittance market when all 30 planned outlets become operational.

He said the company netted about $150m worth of business in the country last year.

As it expands, LuLu International Exchange is also seeking to raise its Bahrainisation levels from 32pc as of now with 35 Bahrainis in its total staff strength of 110.

“LuLu International Exchange has now become a preferred exchange house providing top-quality worldwide remittance and foreign exchange services to a cross-section of society, powered by a huge network, reputed partners and highest standards of customer care, across the GCC countries,” he said.

The exchange house also plans to move nearly 30pc of its transactions globally to the digital platform by 2020.

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