labels: hdfc bank, travelex, banks & institutions
Travelex ties up with HDFC Banknews
Our Corporate Bureau
05 October 2004
Bangalore: Foreign exchange giant Travelex said it expects to double the company''s turnover in India to Rs2,000 crore in another year.

The company has also tied up with HDFC Bank for doorstep delivery of foreign exchange. Initially launched in Delhi, it will be rolled out in other cities as well. Yogesh Shetty, managing director, Travlex South Asia, said the company was in talks with several other banks for similar services.

"During the last fiscal year, Travelex India posted a turnover of Rs1,000 crore. We expect to double it during the next fiscal," the Travelex chairman and chief executive officer, Lloyd Dorfman, told newspersons.

He said the Indian operations had already turned profitable. "We haven''t been able to do that everywhere in places where we have started from scratch," Dorfman said.

He said the Asia-Pacific region was growing fast compared with last year. He said last year, SARS had impacted the region badly and tourism had shown a downtrend. Dorfman said operations in India would be expanded and there are plans to develop it as a regional hug for South Asia.

To avail of the doorstep delivery of foreign exchange, a customer needs to call up the nearest HDFC Bank branch or phonebanking number and inform them about their foreign exchange requirements and the form it is desired in - traveller scheques or foreign currency cash, leaving the rest to HDFC Bank and Travelex.


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Travelex ties up with HDFC Bank