Hi Manoj,
is there any way by which I can exclude the region name
Yes - simply add them to your exclusions list. To do this, you will need to include all the forms in which those name appear (eg European, of Europe, etc).
Here's some code to get you started
Sub Abbreviate()
Dim strExcl As String, i As Integer, ocel As Range
Application.ScreenUpdating = False
strExcl = "Academy,Administrators,Agencies,Agency,Agents,Alliance,American,Association,Chamber,Chambers,"
strExcl = strExcl & "Club,Council,Council,Federation,Forum,Guild,Institute,National,Professionals,Union"
On Error Resume Next
For Each ocel In ActiveSheet.UsedRange.SpecialCells(xlCellTypeConstants)
If Not IsNumeric(ocel.Value) Then
For i = 1 To UBound(Split(strExcl, ","))
ocel.Value = Trim(Replace(ocel.Value, Split(strExcl, ",")(i), ""))
Next
End If
Next
Application.ScreenUpdating = True
End Sub