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WHO WE ARE Travelex is the world’s leading foreign exchange specialist. We help our customers to send and spend money around the world.
WHO WE ARE Lloyd Dorfman, Chairman In 1976 Lloyd Dorfman established Travelex in a single Bureau de Change in London. Today, Travelex operates in 25 countries around the world and employs c. 6, 500 colleagues. We have over 1, 100 retail stores across the globe, including presence at the world’s major international airports. We serve over 4, 250 customers every hour, that’s over 102, 000 customers a day, and in excess of 37 million customers every year. We sell cash, pre-paid foreign exchange cards and remittances. We distribute nearly £ 11 billion of banknotes around the world per annum.
A SNAPSHOT OF WHAT WE DO +1, 100 stores +100 airports 6, 500 colleagues 25 countries + 400 supermarket locations +1, 000 ATMs +£ 1. 5 bn Wholesale Banknotes turnover
CELEBRATING 35 YEARS OF TRAVELEX 1874 Thomas Cook produces the first Travellers’ Cheque To… c 6, 500 employees 25 countries over 1, 100 stores Over 1, 000 ATMs üover 1 m Cash Passport sales üOver 400 supermarkets From… 1 employee 1 country 1 store 1976 1980 s 1990 s 1986 1990 1976 Lloyd Dorfman Travelex opens first Travelex airport Bureau de Australia and establishes Change at Heathrow New Zealand Travelex Terminal 4 established in a single Bureau 1999 de Change in Travelex acquires 1989 London currency Travelex America outsourcing established business from Barclays for £ 24 m 2000/03 2004/05 2006/07 2000 Travelex completes £ 440 m acquisition of Thomas Cook Global & Financial Services 2004 EUR 17. 5 m acquisition of GWK Bank Netherlands completed 2010 2006 Acquisition of Amex Travelex agrees to outsourcing business the sale of the Card Operations in UK business to Master. Card for 2007 £ 290 million Travelex acquires Ruesch International Travelex purchases – Travelex Global Business Payments a significant share holding in FX Africa division created Travelex Singapore and Hong Kong founded 2002 Travelex Japan founded 2003 Camrail Belgium acquired for £ 3. 5 m Travelex India founded Travelex lands in China 2005 Funds advised by Apax Partners acquire a 56% stake in Travelex, valuing the company at over £ 1 bn 2005 Money Transfer business sold – Travelex forms strategic alliance with Western Union First UK supermarket location opens Domestic UK ATM business sold Travelex develops its presence in the Middle East 2010 2011 2012 2011 Completes the Master. Card for £ 290 million 2012 Travelex celebrates 35 years Sells the Travelex Global Business Payments to Western Union for £ 606 million. First store in Macau opens Purchases a shareholding in FX Africa and announces the acquisition of Grupo Confidence in Brazil Travelex starts operations in Malaysia and Qatar
TRAVELEX AND MASTERCARD In December 2010, Travelex agreed to sell part of our Prepaid Cards business to Master. Card. The sale included all of the operations that support the supply of Prepaid Cards and third party Cards contracts. Cash Passport remains a key product for Travelex and continues to be sold via Travelex direct channels – Travelex Retail stores, online and through selected partners with implants. The transaction completed in April 2011, provided Travelex with £ 290 million to repay some of our debt, and to invest in further growth of the Travelex business globally.
TRAVELEX AND WESTERN UNION In July 2011, Travelex agreed to sell Travelex Global Business Payments to Western Union. The sale included all of TGBP except for Send Money Now (SMN) a consumer payments product recently launched in the UK. The transaction completed in November 2011 and provided Travelex with £ 606 million to repay senior debt and invest further in the growth of our consumer business.
WHAT WE DO Today, Travelex is a business primarily focused on serving the foreign exchange needs of consumers worldwide; either directly through Travelex channels, or through our numerous outsourced or wholesale relationships with banks, travel agencies, supermarkets and other partners.
WHO OWNS TRAVELEX Travelex is private equity owned and the distribution is as follows— – – Apax Partners* Lloyd Dorfman Standard Chartered Management 58% 29% 7% 6% * Apax began shareholder relationship with Travelex in 2005
Travelex Channels CORE ACTIVITIES Partner channels - outsourcing & wholesale relationships Branded Travelex Retail Stores * ATMs Online sites * Wholesale Banknote supply White-label FX services: Travel insurance Store implants, pick & pack, online Co-branded FX services: Store implants, pick & pack, online Supermarkets (in-store bureaux) Currency Select International consumer payments * Selling both cash and Cash Passport (Prepaid currency cards)
Travelex Channels Branded Travelex Retail Stores * ATMs Online sites * Travel insurance Co-branded FX services: Store implants, pick & pack, online Currency Select International consumer payments CORE ACTIVITIES Partner channels - outsourcing & wholesale relationships Wholesale Banknote supply White-label FX services: Store implants, pick & pack, online Supermarkets (in-store bureaux) * Selling both cash and Cash Passport (Prepaid currency cards)
CORE ACTIVITIES 40% of the world’s travellers pass through airports serviced by the Travelex retail network; a market of 1. 7 billion passengers a year. Every hour, Travelex provides currency to more than 4, 250 customers via its Retail network. A strong retail presence in ‘downtown’ locations including rail stations, tourist areas, shopping malls, and implants in banks, travel agencies, supermarkets and post offices. Retail network sells foreign currency, Cash Passport, Western Union money transfer, travellers’ cheques and many local services.
CURRENCY SELECT Provides Dynamic Currency Conversion on POS, ATM and Ecommerce to merchants and banking partners throughout the world. Implementations in Australia, New Zealand, Singapore, India, China, Brunei, Fiji, PNG, Samoa, Cook Islands, UK and the Middle East. Own and operate an end-to-end Payment Switch and Dynamic Currency Conversion Platform and have direct links with Visa and Master. Card.
VAULT OPERATIONS 80+ different currencies, (travellers) cheques, pre-paid cards, and precious metals. Wholesale business (large value deals). Stockist business (medium value, large number of currencies in one transaction). Consumer orders (low value , but typically high volume). 1. 5 bn banknotes— – spanning the earth 5½ times if put next to each other lengthwise – reaching half way to the International Space Station (ISS) if stacked on top of each other – representing the weight of 200 London double-decker buses
OUR PRODUCTS Foreign Cash Drafts Telegraphic Transfers Cash Passport Western Union Money Transfer Phone Cards Loyalty Programs Home Delivery Services (Japan) Mr Pay™ Travelex Money Transfer™ Tax reclaim and refunds Travelex Global Website MTR Tickets (Hong Kong) Disney Tickets Retail. NET (online) Travelex Rate Advantage Buy Back Guarantee Frequent Flyer Programs Travellers Cheques Insurance Dynamic Currency Conversion Epay International Payments
OUR GOALS 1. Keeping our brand number one 2. Build great customer relationships 3. Use our global scale and know-how 4. Be a great place to work 5. Continue to set the gold standard
CORE VALUES Integrity, trust, honesty – fundamental in everything we do Great customer service – will drive our growth – create long term value Results focused – win the battles we choose Believe in our people – develop our internal talent – create a rewarding environment – sense of pride in Travelex
LISTENING TO OUR PEOPLE Our Your Voice survey is undertaken to– – gauge employee opinion across the entire organisation - identifying areas of success and those in need of improvement – benchmark ourselves against other, similar global organisations – gauge levels of employee engagement – develop action plans and measure improvement against subsequent surveys Ipsos MORI, a reputable, independent market research company, carry out the surveys on our behalf. The company’s results are communicated across the organisation, with results and action planning being discussed in team meetings.