CEO of GraceKennedy, Douglas Orane (left), and chief financial officer Don Wehby at the launch of First Global's Mutual Fund last year. First Global is among a growing list of local companies to offer hard currency-denominated mutual funds. - IAN ALLEN/STAFF PHOTOGRAPHER
THE CHIEF Financial Officer of GraceKennedy Limited, yesterday confirmed with Wednesday Business, that the company had acquired the franchise for Western Union in Antigua and Barbuda.
"We are presently in negotiations with Western Union," said Wehby in a telephone interview. While Mr. Wehby declined to give a specific date when Antiguan operations would reopen under the new Grace management, he admitted it would be "sooner" not long term.
He noted that the company was negotiating with the international office to formalise logistics and the information technology infrastructure to ensure a smooth transition upon opening.
The leading global money transfer agency, Western Union, has four branches in Antigua. However, arising out of an audit earlier this year, the United States-based money transfer company suspended the Antiguan operations on January 4. British American Insurance Company Limited held the franchise in the Caribbean island.
Expansion in Antigua and Barbuda will not be completely unfamiliar territory for GraceKennedy since the company already operates the Western Union franchises in Guyana and Trinidad. It has a 30 per cent stake in the Haitian operations of Western Union as well.
