WESTMINSTER Travel has acquired a 100 per cent interest in Travelex Hong Kong, following the completion of a HK$79 million (US$10 million) deal on March 31. The buyout covers only the travel service arm, and Travelex will be rebranded in the next three months.
Diversifying the group’s business strategies was the rationale behind the acquisition, according to Larry Lo, managing director, Westminster Travel. “Currently, our joint venture with HRG serves global corporate (travellers), while Westminster targets the local and regional corporate (sectors). In fact, local SMEs also require (personalised services) and we want to tap into this market.”
There will be no major changes to Travelex’s existing management team, said Lo, with Eliza Ma continuing to head the 85-staff company as general manager for corporate and leisure travel.
Ma said: “In the past, Travelex’s core business was money exchange, and travel services had limited support. Our strategy (now) is to explore SMEs’ needs and deliver tailor-made outbound products with a personal touch.” To fuel growth, 10 more staff will be recruited within a year and a new website with more interactive functions, such as instant online confirmation, will be launched.
Added Lo: “We are open to any joint ventures or acquisitions for generic growth. Our mission is to maintain our market position, and diversification is the way to go because of fierce competition nowadays.”
