WESTMINSTER Travel has sold off its 49 per cent minority stake in Hogg Robinson Group (HRG) Hong Kong after a decade-long joint venture with the latter.
Larry Lo, managing director of Westminster Travel, described the move as a natural course of action after Australia-based Corporate Travel Management (CTM) bought a 75.1 per cent stake in Westminster last November.
“There would be a conflict of interest if we carried on with the joint venture with HRG as CTM also (has) global operations,” Lo explained.
“Since both HRG Hong Kong and Westminster Travel operated independently in the past, the change of ownership will not affect our staff at all. The next plan for (Westminster) is to explore more global corporate (business), which we couldn’t tap before.”
HRG Hong Kong general manager, Tim Hannan, said the buyout followed a review of HRG’s investment and presence in Asia. “With this strategic move, we are given the opportunity to connect with HRG’s wholly owned network; while HRG’s international clientele is now presented with increased seamless opportunities. The single ownership gives HRG Hong Kong the ability to integrate more fully into the HRG networks around the world at a greater speed.”
As HRG has always had full management control of HRG Hong Kong, the management and team in Hong Kong remains the same.
Hannan added: “The stand-alone nature of HRG Hong Kong opens the opportunity for it to target local clients with travel programmes aligned to HRG’s goals and objectives.”
