The foreign exchange division of Thomas Cook India Limited(TCIL) is eyeing acquisition of 30,000-40,000 customers in Punjab this year as against 20,000 customers acquired last year . The acquisition would come through more products, and expansion of branches.
Rakshat Desai, head foreign exchange business at TCIL maintained the company would be rolling out two more schemes by the year end. This suggests that the company is trying to rope in couple of more partners for offering inward remittances . Thomas Cook as of date is eyeing countries like Canada, US and UK to expand its remittance business.
The company is also eying organic expansion by opening three more branches in Punjab before year end, taking the total number of branches to 12.
Desai maintained in the last 12 months they have witnessed an interesting trend whereby outward remittance business was growing more compared to inward remittance.
In inward remittance Thomas Cook is targeting acquisition of 10,000 customers this year as against 7000 last year.
Last year outward remittance business for Thomas cook has outpaced growth for inward remittance business but this year the company is eying growth in inward remittance business as well , mainly because of positive signs.
“In last 12 month the outward remittance business has seen a spurt probably because of people sending more money to abroad to their children who have emigrated for education purposes. Also the company believes it could be because of people sending money abroad to their relatives .
Thomas Cook in India is spread across 154 locations in 71 countries.
Desai added since growth for foreign exchange business was coming more from tier 2 and tier 3 cities the company was planning to spend Rs 20-25 crore for marketing activities in especially targeted for creating more awareness about the foreign exchange division of Thomas Cook in cities falling outside tier1 class.
