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1860 - Humble beginnings in Hyderabad - Sind (now in West Pakistan) • 1870 – First branch opened in Karachi, Pakistan (unified India) • 1880s and 90s – Expanded to Mumbai, Spanish Morocco, West Africa, the Canary Islands, Panama and South America • Rather than setting up branches in spots which were at that point the real exchange courses of the world - Rome, London, Paris, Cairo, the Group wanted to work in little stations and vacationer focuses in spots nearly obscure to worldwide exchange