SIB takes control of UAE money changer

The Kerala-based South Indian Bank (SIB) has taken management charge of UAE's leading money exchange house, Hadi Express Exchange.

As per an agreement signed with the money exchange house, SIB has been entrusted with the responsibility of revitalising the day-to-day operations of Hadi Express and focus the exchange's operations on non-resident Indian (NRI) customers.

"Of the over 1.5 lakh NRIs customers, more than 100,000 are from the Gulf region. The bank can now speed up the NRI remittances at highly competitive rates," said V A Joseph, chairman and CEO of SIB. Joseph and Hadi Express chairman Mohammad Sharif Mohammad Al-Hadi signed the agreement in Dubai.

Joseph also unveiled an initiative, Pravasi Swagath Scheme, for offering various banking services to NRIs returning to the country after their stints in foreign countries. NRIs, who maintain an account with SIB for five years, would be provided easy loan facilities and financial management assistance.

He said SIB has sought permission from the Reserve Bank of India to open a representative office in Sharjah. The Bank has 451 branches and 44 extension counters spread across India and a deposit base of Rs 10,000 crore. The bank has plans to open 25 more branches this year and eventually take the number of branches to 500 by 2008.