WSFL expansion plan very much on the cards

The expansion plan of Wall Street Finance (WSFL) is very much on the cards as indicated by the company in its filing with the Bombay Stock Exchange (BSE).

The company is considering opening at least 25 new branches in the current financial year while shelling out around Rs 3.5 crore to take the tally of total branches of the company to 65.

Out of the 25 branches, 11 branches have already been opened and have become operational in the first quarter of the current financial year while the opening of further 6 branches is in various stages of completion.

The company is intending to offer the entire basket of its products at all new branches for the benefit of its retail customers which will include products like money changing, money remittance, investment services and ticketing.

The expansion project will be funded through internal accruals.

Apart from this, the company is also looking to appoint 2000 new sub-agents for its Western Union Money Transfer (WUMT) business by the end of this fiscal. It plans to expand the network of agents for its WUMT business all over India but especially in the eastern sector which has a high untapped potential.

Wall Street Finance was set up in 1986 as a public limited company. It is a leader in foreign exchange and money remittance services in the country and has been upgraded to the status of authorized dealer Forex-II by the Reserve Bank of India. The company is also one of the principal agents of WUMT and operates over 3,500 locations for money transfer.