Wall Street Finance to open 25 stores in FY10

Forex and money transfer firm Wall Street Finance today said it will open atleast 25 new branches in the current financial year.

In a filing to the Bombay Stock Exchange, Wall Street Finance said it would operationalise 10 branches in the current quarter as major formalities for these have been completed.

Besides, the company is also planning to increase its network of agents across the country for its Western Union Money Transfer business.

The company said that consequent upon the lifting of embargo by RBI on appointment of sub-agents of Western Union, the company would expand its agent base especially in the eastern sector "which has a high untapped potential".

Wall Street Finance, in which Reliance Money Express holds a 36.56 per cent stake, is also considering a proposal to lend money against security of gold and proposes to implement it in mainly in the southern region.

The company, which has tie-up for demand draft arrangements with Axis Bank, is currently negotiating with Indusind Bank for a similar tie-up.

Shares of Wall Street Finance surged 5 per cent to hit its upper circuit at Rs 58.85 on the BSE.