Travelex will soon have 1.3 billion more potential customers, having recently become the first non-bank to be granted a foreign-exchange licence in China. The company, led by new chief executive Robert Gogel, has three core divisions— retail foreign exchange, global business payments, and outsourced foreign exchange. In 2007, the company sold its 1,000 cash machines to Cardpoint, and paid $440m (£277m) for the American business-to-business payments company Reusch international. Travelex is 28% owned by founder and chairman Lloyd Dorfman, and backed by Apax, which bought a 57% stake in a £1.1 billion deal in 2005. Sales reached £570m in 2008.
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