The majority shareholders of UAE Exchange and Travelex have closed an $890 million loan that will be used to support the two foreign exchange companies' growth plans, according to a statement on Monday.

The loan, which can be increased by an additional $75 million at the request of the shareholders, will also be used to refinance an existing bridge facility that was used to acquire Travelex in 2015, the statement said.

Centurion Investments, which is part of Abu Dhabi-based KBBO Group, and Indian-born billionaire Dr B R Shetty, completed a deal to buy Travelex in January 2015 for 800 million pounds ($1.14 billion). The pair are now the majority shareholders in UAE Exchange and Travelex.

Nine banks including Goldman Sachs, Qatar National Bank and Doha Bank backed the loan, the statement said.

The companies will continue to operate as two brands but will offer products through both platforms. Growth plans include increasing distribution channels and expanding into new markets, it added.

Khaleefa Butti Al Muhairi, chairman of Travelex, said: “We are pleased to have strong support from the international banking community for this financing, which demonstrates the strength and growth potential of both Travelex and UAE Exchange. This transaction will allow us to accelerate the growth of both businesses as two distinct leading brands, while benefitting from synergies arising due to each other’s networks, shared expertise and infrastructure.”

Dr B R Shetty, chairman of the UAE Exchange Group and vice chairman of the Travelex Group, said: “This is an exciting time for Travelex, the world’s leading independent retail foreign exchange business, and UAE Exchange, the most widely networked remittance institution globally.”

“The combination between the two will give us a strong foundation to grow both businesses through sharing of a number of complementary offerings. We would like to thank our existing banking partners, who assisted us in the acquisition of Travelex and our new banking partners, who joined the facilities,” he added. – TradeArabia News Service & Reuters