KUALA LUMPUR: AMMB Holdings Bhd will open at least 60 Travelex co-branded foreign currency exchange counters throughout Malaysia by the end of this year, AmBank deputy group managing director Datuk Mohamed Azmi Mahmood said.
“We plan to open 10 (branches) every month until the end of the year to make it 60. 10% or 20% of this will probably be located in East Malaysia.
“Most of these will be in urban centres,” AmBank general manager for cards, unsecured lending and international solutions division Perry Ong said.
AmBank said the competitive advantage of this co-branding was the brand equity of Travelex and that of their foreign currency exchcange counters will also offer 82 types of currencies around the world away from the typical 21 common world currencies that are offered in most other foreign exchange dealers. “The partnership will enable AmBank to leverage on the strength of the Travelex brand as well as its expertise in managing the forex business, operational and business processes as well as systems relating to retail foreign exchange,” AmBank said in a press statement.
At his speech during the function held to commemorate this co-branding partnership, AmBank Group chairman Tan Sri Azman Hashim said the partnership would enable the bank to leverage on the strength of the Travelex brand and expertise in managing the forex business.
“AmBank, in turn, will enable Travelex to have its presence felt almost immediately with its co-branded setup in AmBank’s extensive network of branches nationwide,” Azman said.
The AmBank-Travelex money changing service is now operational at eight selected AmBank branches throughout the Klang Valley at Bangsar Baru, Jalan Raja Chulan, Berjaya Times, KL Sentral, SS2, Taylor’s Lakeside Campus, Jalan Yap Kwan Seng and Taman Tun Dr Ismail.