Tourvest acquisition creates new force in travel forex
The purchase of Travelex's local assets will increase group's share of the travel-related forex market in SA to over 20%
Tourism group Tourvest has acquired the SA assets of Travelex for an undisclosed sum, creating the biggest independent foreign exchange (forex) business in SA. With Tourvest’s 500,000 forex transactions a year and Travelex’s 360,000, the deal is going to increase the company’s share of the travel-related forex market in SA to more than 20% when credit card purchases are excluded. The acquisition will increase Tourvest’s forex branches to 87. Competition Commission approval for the acquisition was received earlier this year. Tourvest has been seeking an international partner as its franchise agreement with American Express is coming to an end in June. American Express is exiting the forex market globally and in SA following a decision to focus on its core payment business. Under the deal, all American Express forex branches will be rebranded as Travelex from June. American Express will continue its credit card venture with Nedbank in SA. Tourvest Financial Services CEO Andrew McDonic...
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