American Express forms JV with TFL (TATA Finance Ltd) to expand foreign exchange
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Wednesday, November 17, 1999
HONGKONG: World's leading management travel company, American Express, has formed a joint venture with Tata Finance Limited (TFL), the country's premier non-banking finance company, to expand its foreign exchange operations in the Asia-Pacific countries, reports PTI.
The newly formed tie-up, to be known as 'Tata Finance American Express' (TFL-Amex), is expected to begin its operations by the end of this year, an official of the travel company Sujit Mittra said.
The signing up of two partnership agreements would help provide a range of money changing and foreign exchange services through a large number of co-branded outlets across the country.
The travel company has already entered into a joint venture with Keppel Tatlee Bank Limited in Singapore, one of the Asian Pacific countries, to provide foreign exchange and other travel-related services to passengers at Singapore Changi international airport.
TFL-Amex will operate in both the retail and the wholesale segments and will provide services to its corporate and leisure travel customers. TFL and its affiliates will have 74 per cent of equity with American Express having the remaining 26 per cent, the official said.
-Financial Express |
