ABU DHABI: Foreign currency exchange firm Travelex will be merged with money transfer company UAE Exchange and listed in Abu Dhabi by early on in 2017, new owner Bavaguthu Raghuram Shetty said.

The Indian-born billionaire along with Abu Dhabi private equity house Centurion Investments agreed last year to buy Travelex for about 800 million pounds ($1.2 billion) from private equity firm Apax Partners and founding chairman Lloyd Dorfman.

Travelex, the world’s largest foreign exchange specialist, was set up as a bureau de change in the 1970s and now trades in over 80 currencies and more than 50 countries.

BR Shetty, founder and chairman of UAE Exchange, which has over 6 million customers in 30 countries, said the two firms would greatly benefit from the tie-up, which would be complementary.

“UAE Exchange is into remittances and Travelex is forex, their targets are different. We see exponential growth going forward,” he said.

“We have plans to merge the two entities to expand, to grow the business,” he said, adding that a public share offer in Abu Dhabi was also part of the plan.