Travelex Singapore pullout
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Travelex has announced the complete withdrawal of its travel operations from the Singapore market, following a “strategic review of its global business”.
The move applies to Travelex’s business and leisure operations, with the final deadline for cessation being 30 Jun 2007.
Travelex said the move came as a result of its long-term strategy to focus on its foreign exchange business “which has seen tremendous growth over the last several years.”
The company stopped taking new leisure bookings last week but is still continuing to process existing bookings for leisure customers.
On the corporate side new bookings will continue to be processed until09 May, after which the firm will no longer accept bookings from corporate clients or wholesale agents.
Travelex Singapore MD Peter Scully made the announcement “with deep regret and sadness.”
He said the company’s core business for Retail and Corporate Foreign Exchange in Singapore wouldn’t be affected in any way by the decision.
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