The Hindu Business Line : SIB to run Dubai firm

South Indian Bank (SIB) Ltd has signed a `secondment agreement' with UAE-based money exchange house, Hadi Express Exchange. The SIB Chairman and Chief Executive Officer, Mr V.A. Joseph, and the Hadi Express Exchange Chairman, Mr Mohammad Sharif Mohammad Al-Hadi, signed the deal in Dubai on Sunday.

As per the agreement, SIB will take over the day-to-day operations of Hadi Express and focus on the exchange's operations on non-resident Indian (NRI) customers, who can greatly benefit from the large network of SIB in India.

Quality service

"The agreement with Hadi Express Exchange underscores SIB's commitment to enhance our global reach through strategic partnerships with key players," said Mr Joseph. "With over 1,50,000 NRI account holders — more than 1,00,000 from the Gulf , South Indian Bank can now speed up their homeward remittances at highly competitive rates."

Mr Al-Hadi said that the exchange's deal with SIB was steered by the impressive credentials of the bank.

Mr Joseph also unveiled a strategic initiative, the Pravasi Swagath Scheme, aimed at the long-term welfare of NRIs. "The scheme "offers banking support for expatriate Indians who return to India after their tenure in foreign lands," he said.

More Stories on : Alliances & Joint Ventures | Private Banks | Financial Services | NRIs

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