Forex and money transfer firm Wall Street Finance [Get Quote], which has an Anil Ambani group firm as its top shareholder, on Wednesday said it is looking for acquisitions in the US, the UK and European Union to expand its overseas presence.

Anil Ambani Group's Reliance [Get Quote] Money Express holds a significant 33.5 per cent stake in the company, which is more than any other shareholders.

At a meeting held on Wednesday, Wall Street Finance's board approved the company's overseas expansion plans.

"The board today gave its approval for acquiring companies in the US, Canada, the European Union and the UK in the money transfer and remittance space. We are in talks with four companies in these geographies but nothing has been finalised as yet," Wall Street Finance director Sudip Bandyopadhyay told PTI.

Bandyopadhyay is also CEO of ADAG's financial services distribution and brokerage arm Reliance Money.

Without divulging the financial details of any planned acquisitions, Bandhyopadhyay said that due diligence process was on for acquiring a financial advisory company in the EU.

The company is also planning to acquire a large independent Bureaux de Change operator in the United Kingdom, which has over 200 outlets and is looking to add an additional 200 branches by March 2009.

Bandhyopadhyay added due to the global downturn, the company has great opportunity to acquire companies at the right valuations in the international market.

Further, Wall Street Finance is also planning to acquire a money transfer services firm in the United States, which is currently operating in New York and having licence to operate in four states of the US. The due diligence work is expected to begin shortly for the US firm, the company said.

Besides, Wall Street Finance vice president Areef Patel said the company was also looking to enter the domestic money transfer business and would seeking shareholders' approval for including a change in the company's memorandum for the same.

Patel further said the board had also given its consent for restructuring the company's money transfer business. Under the restructuring plan, the company's business with Instant Cash would be moved into a separate wholly owned subsidiary. Earlier this year, Reliance Money Express, an ADAG firm, had become the largest shareholder in Wall Street Finance with the acquisition of Wall Street Constructions, which holds 33.5 per cent in the latter as a promoter entity.