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BUSINESS | News Briefs: MAY 2011

CU Offers Global Money Transfer
Aston Martin launches in India

CU Offers Global Money Transfer

Technology Credit Union announced recently in a press release that a new partnership with Xoom Corporation, an international money transfer company, will enable the credit union the ability to offer its members a convenient, secure and affordable means of sending money to family and friends abroad.

Xoom's reach extends to more than 30 countries including India, the Philippines, Canada, South Africa and several countries in Latin America and Europe.

"We primarily serve high-tech companies in Silicon Valley and therefore have a significant group of expatriate members who send money home on a regular basis," said Harold Roundtree, SVP of Retail Banking for Tech CU. "We recognized the need among these individuals for convenient, global transfer services, and so partnered with Xoom due to their reputation in the industry.

The service allows individuals to quickly send money abroad for bank deposit or cash pickup. Deposits can be sent directly to the recipient's bank account or the recipient can pick up the cash within minutes at tens of thousands of locations worldwide. A home delivery service is also available in some locations.

Members can also send wire transfers 24/7 from the convenience of their computer or mobile device with Internet access. Members won't be charged a fee by receiving banks, and the first money transfer with Xoom is fee-free for Tech CU members.

Individuals can also lock in an exchange rate, providing the ability to know exactly how much money is being deposited into the recipient's account. "Partnering with an established financial institution like Tech CU enables us to increase our footprint in Silicon Valley," said Julian King, SVP of Marketing and Corporate Development for Xoom. "There's a large group of the employees within the 1,200 Tech CU member companies that are expatriates, and this is the core audience we serve. Our relationship with the credit union will help us reach out to this audience as well as to Tech CU's business network."

Transfers through Xoom are safe and reliable. The company partners with trusted financial institutions in the sender's home country and is accredited by VersiSign, TrustE and the Better Business Bureau. In fact, a 2010 study released by the Inter-American Dialogue (IAD), measuring 16 money transfer indicators, ranked Xoom as the best company for sending money transfers to Latin America and the Caribbean - outperforming 38 other leading US-based money transfer companies. Xoom.com also received the highest score for customer satisfaction.

According to the World Bank, some 192 million migrants - 3 percent of the world's population - sent remittances totaling approximately $316 billion to developing countries in 2009. Most immigrants send remittances to family left behind in their native countries, and for many, it's a necessary supplement to their family members' incomes.

For more details about Tech CU's global online money transfer program, go to www.techcu.com/xoom.


Aston Martin launches in India

(Above): Lalit Choudary, director performance cars; Bill Donnelly, director, sales & after sales; and  Marek Reichman, director design, at the launch announcement of Aston Martin in India.

Aston Martin recently opened the doors to its first dealership in India last month, bringing the British marquee's luxury sports cars to the city of Mumbai.

This important move in the luxury manufacturer’s expansion plans further strengthens the company’s representation in this growing region, bringing the Aston Martin brand to India for the first time.

Aston Martin will commence its presence in India with a new dedicated facility in Mumbai in partnership with Performance Cars (a division of Infinity Cars Pvt. Ltd.), who have enjoyed a strong reputation in the Indian luxury car market for several years.

Aston Martin’s chief commercial officer, Michael van der Sande said, “India represents a new opportunity for us and as part of our program of growing the reach of the global Aston Martin dealership network, this expansion brings our brand to a different audience in a new market.

“Our decision to bring the Aston Martin brand to India is driven by a strong level of interest and enthusiasm from potential customers in an emerging luxury market. We have taken our time to find the right advocates for Aston Martin and I am confident that we have selected strong partners with whom we look forward to starting a successful relationship.”

Performance Cars, managing director, Lalit Choudary said, “Partnering Aston Martin offers us a unique opportunity to bring one of the world's iconic brands to one of the world's most discerning and fast growing markets.  We are confident about the brand's success in India given the range of models, the comfortable ride quality the cars offer on our roads and the exclusivity they accord.”

The Aston Martin dealership in Mumbai is located at Kemp's Corner at the junction of the ultra-premium Peddar and Altamount Roads and will offer customers a premium boutique environment wherein they can custom specify the cars to their exact needs. The after-sales facility in nearby Worli is a first of its kind dedicated, air conditioned workshop in the high luxury segment. The showroom and after-sales facilities have been specially designed to follow the international design elements that have timelessly identified the elegance of the Aston Martin brand worldwide.

Aston Martin customers and enthusiasts will be able to view and test-drive selected models from the entire range of V8 Vantage Coupe, V8 Vantage Roadster, V12 Vantage, DB9 Coupe, DB9 Volante, DBS Coupe, DBS Volante and the four-door sports car; Rapide. These models will also be joined by the recently launched V8 Vantage S and the new Virage.

The opening of the Aston Martin Mumbai showroom strengthens the company’s global dealership network to a total of 134 dealers in 42 countries.



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