Travelex, the world’s largest foreign exchange specialist, today announced it has agreed the purchase of a significant shareholding in FX Africa, one of South Africa’s largest consumer foreign exchange providers. FX Africa comprises a total of 62 retail outlets including 50 in South Africa, four in Botswana and eight in Zambia. Headquartered in Johannesburg, the company employs approximately 260 people and has a strong track record of profitable growth.
Travelex has been operating in southern Africa for over 4 years by way of its operating franchise, Travelex Retail Foreign Exchange, with FX Africa.
Terms of the acquisition have not been disclosed. The acquisition remains subject to the South African Bank Reserve Board approval.
Commenting on the acquisition, Peter Jackson, CEO, Travelex said:
“FX Africa is a business we know well following our successful franchise relationship with them over the last 4 years. We are delighted to have now taken a significant shareholding which is the natural next step for Travelex as a platform to expand across this fast growing region.
“There is a great opportunity to continue the expansion of FX Africa under the Travelex Brand, further developing the FX products and services available tocustomers and increasing the network of retail outlets. This is in line with our strategy of focussing on fast growing and emerging markets to build on our global footprint.”
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