Anil Amban’s Reliance Money has completed the acquisition of Wall Street Finance. Sudip Bandyopadhyay, Director & CEO of Reliance Money, has joined the board of directors of forex company Wall Street Finance. VC Circle was the first to report that Reliance Money is buying out the privately held Wall Street Contructions, a promoter entity which owns about 33.5% stake in Wall Street Finance. With this acquisition, Reliance Money has entered foreign exchange market. Wall Street Finance claims to be the leader in foreign exchange and money remittance services in the country.
“I am pleased to join the Wall Street Finance Board. We are confident that this association will capitalise on the strength of both Reliance Money Express and Wall Street Finance, paving the way for a new chapter in the financial services sector in the country,” said Bandyopadhyay.
This is not the first instance of Reliance acquiring a smaller business to get toehold in a new business. Reliance Money Express was formed after Reliance acquired Travelmate Services, a part of Kuoni Group, in November 2006.
Wall Street Finance also announced its Q2 results today, with revenues of 9.29 crore, a 30% increase. Its net profit was at 2.47 crore. Wall Street Finance has a market capitalisation of Rs 45 crore and its shares are trading at Rs 39.
Wall Street Finance, set up in 1986, is an authorised dealer Forex-II (which means they can offer foreign remittance as well as money changing services). It is one of the principal agents of Western Union Money Transfer and operates over 3,500 locations for money transfer. The company is registered with RBI as a Non-Banking Finance Company and has over 38 branches spread across India. Wall Street Finance also caters to people going on Haj pilgrimage.