Islamabad: The Competition Commission of Pakistan has approved a significant transaction within the currency exchange sector, involving the acquisition of key assets of M/s Wall Street Exchange Company by M/s UBL Currency Exchange.
According to Press Information Department, the transaction includes immovable properties, employees, commercial agreements, and essential operational assets, encompassing everything from computer hardware to vehicles. This move comes as part of M/s UBL Currency Exchange’s broader strategy to expand its footprint in the cross-border remittances and currency exchange markets.
The merger, recently endorsed by the CCP, underwent a rigorous Phase I competition assessment, defining ‘Currency Exchange and Money Transfer’ as the pertinent market categories. Analysis by the CCP revealed that although M/s Wall Street Exchange holds significant shares in these markets, the dynamics are set to change as M/s UBL Currency Exchange enters the arena.
This strategic acquisition aligns with directives from the State Bank of Pakistan, which aims to regulate the currency exchange sector more tightly and stabilize exchange rates. The CCP believes this approval will enhance access to financial services, supporting both foreign and local remittance processes that meet the legitimate needs of the public.