Bavaguthu Raghuram Shetty acquired a remaining stake in UAE Exchange and merged it with Travelex Group.

Bavaguthu Raghuram Shetty acquired a remaining stake in UAE Exchange, a United Arab Emirates based company dealing primarily in remittances, foreign exchange and bill payment solutions, and merged it with Travelex Group, a foreign exchange company founded by Lloyd Dorfman and headquartered in London. The stake was sold by Centurion Group. Financial terms were not disclosed. After completion, both groups will be held by a single holding company and will collectively form the Finablr Group. Dr Shetty will hold 91% of the Finablr Group, with Centurion holding the remaining 9%.The transaction is conditional on receipt of several regulatory approvals and lender consents.