The UAE Exchange and Financial Services plans to raise Rs 100 crores from the capital market in near future to tap bourgeoning housing finance business.
It also intends applying to RBI for a banking license and to open nine new branches in Chandigarh region this year.
V.George Antony, Country Head-India, told reporters in Chandigarh today on way to Himachal Pradesh for opening of its first branch in the state at Shimla that UAE Exchange, the global financial super mart was ready to tap capital market with its initial public offering of Rs 100 crores. He said that “we are looking closely at the market scenario and would announce our IPO shortly as Indian market appears on revival mode”. He said that “our core business is money exchange, foreign remittances, tours and travel, share market funding and gold and vehicle loans disbursement. We plan to enter housing loan sector as it is a sunrise segment”.
Antony disclosed that UAE Exchange and Financial Services may enter the Indian banking industry and said that “ it would be the first non banking finance company to seek a license from the RBI once guidelines for new entrants are announced”.
We already have got Authorized Dealers (AD) category-2 license from the RBI.
He said that foreign exchange business last year totaled Rs 5000 crores while money transfer was another Rs 4000 crores. Vehicle finance and gold loans accounted for another Rs 500 crores. It is targeting 35 per cent growth in the current fiscal. At present the entity has 311 branches in the country of which 28 are in Punjab. It plans to open a regional office in Chandigarh and more branches in Punjab and Haryana at Ambala, Mohali, Ludhiana, Patiala. Nawanshahar, Hoshiarpur and Jalandhar. The company at present has 41 employee strength.
Antony informed that he had today presented keys of car to a Punjab Police Head Constable, Prem Lal who had been lucky to win a prize at the national level draw held during the month of August.