Wall Street Finance, a company involved in money exchange and bank note activities, is looking to acquire four companies involved in similar business in , Europe, the United States and Canada.
“We are in advanced stages of negotiations with all the four companies and the whole process is expected to be completed by middle of 2009,” said Sudip Bandyopadhyay, director at the board of Wall Street Finance. The Europe-based company is a financial advisory firm catering to the European market, while another company it is in talks with is a large independent Bureaux de Change operator in the UK.
Similarly, the US-based money transfer service (MTS) company, currently operating in New York, has license to operate in four states in the United States.
“All these four geographies constitute around 45-60 per cent of the total inward remittance market, and hence it makes sense to increase our presence in these pockets,” added the company’s director Areef Patel.
The board of Wall Street Finance has approved restructuring arrangement which includes the transfer of instant cash division of the company into its wholly-owned subsidiary, Goldman Securities, at book value.
