UAE exchange ties up with SBI
Dubai , August 20, 2007
UAE’s Wall Street Exchange company has announced a tie-up with State Bank of India, India’s largest bank, for quick money transfer to India.
The transfers would be done through 5,800 SBI branches under the speed remittance facility, “SBI Express”, under which the amount will be credited to beneficiary accounts within 24 hours/ the next working day.
The agreement brings together two major players in the remittances market for providing draft and TT drawing arrangements and direct credit to accounts through ‘SBI Express’.
“As many Indian expatriates hold accounts with State Bank of India, the tie-up will be of great benefit to people transferring money to India,” said Abdullah Bin Ghalib, GMD of Wall Street Exchange. “More importantly, SBI is a giant among Indian banks with a vast network and proven expertise in serving every corner of India.”
State Bank of India has the largest base of expatriate deposits and market share in remittances among all the banks in India, including the private sector and foreign banks. It is very popular among Indians and Indian expatriates in the Gulf.
“The partnership with SBI adds a new dimension to Wall Street’s strategy of becoming a leading player in the remittances market,” said Ghaleb. “Supported by the Emirates Post Group’s vision, we are set to increase our customer base manifold and we are in the process of finalising several new partnerships.”-TradeArabia News Service