EXIM Bank opens exchange house in UK today
Tuesday, 30 June 2009
Mehdi Musharraf Bhuiyan
In a move beneficial for the flow of foreign exchange into the country, Export Import Bank of Bangladesh Limited is set to become the first Bangladeshi private bank to open its own exchange house in the United Kingdom, one of the oldest destinations for the expatriate Bangladeshis.
Exim Exchange Company (UK) Ltd starts its operation today (Tuesday) in London as a wholly owned subsidiary of Exim Bank with a paid-up capital of GBP 300,000.00 after being incorporated in February this year.
Bangladesh Bank Governor Atiur Rahman will inaugurate the exchange house through a formal ceremony to be held in London, while Dr. M. Sayeedur Rahman Khan High Commissioner of Bangladesh, will attend the programme as the special guest.
"It is a milestone for EXIM Bank as we spread our wings beyond the border just a decade after starting the journey in 1999," Managing Director of EXIM Bank Kazi Masihur Rahman told FE.
The move came at a time when the inflow of foreign remittance into the country, according to official statistics, is moving towards ten billion US dollars annually. However, a further chunk of that foreign exchange source keeps missing from the central bank account every year due to the overwhelming availing of improper channels by the expatriate workers in remitting money.
The case of the UK, which is reported to be the fourth largest source of remittance in the country, about contributing 12 per cent of the total remittance received in the year 2008-2009, is no exception.
The EXIM Bank MD said the bank's exchange house in London would specifically strive to address the problems currently being faced by the remitters by making the money transfer process 'easier, friendlier, more accessible and gainful' for the NRBs.
"Our exchange house would offer good exchange rate with best customer service," said Mr Masihur Rahman, adding, "We understand the needs of the remitters. We promise to offer the remitters five things: Reliability, Speedy Delivery, Good Exchange Rate, Minimum Commission and Quick Response to inquiry. We are confident that EXIM Exchange will became a market leader within a short time by providing all sorts of remittance services to its clients' delight".
"At our head office, we have an IT-driven centralised Remittance Processing Centre and have a knowledgeable and highly skilled team who are handling remittance received from exchange houses. This efficient team is on its gear to collaborate with the newly established London outlet," Mr. Masihur said. "We are planning to offer customised banking products for the NRBs and the receivers of NRB remittances in Bangladesh." He added there would be a further network of 44 branches and two SME centres.
Located at the Universal House of Wentworth Street (connected to Brick Lane) in London, the EXIM Bank exchange house is also in the vicinity of local NRBs as the place is frequented by a large number of Bangladeshi expatriate business community members and workers.
"This strategic location is also in our advantage," the Exim Bank official said, adding it is spacious and comfortable and other logistics being offered by EXIM Exchange are very much customer-friendly. He said, "the front office and back office operations of the Exchange House will be run most efficiently with the full support of a highly secured and AML-compliant automated IT-driven Remittance Management System".
"Again back at home, currently we have five branches in greater Sylhet zone and we have a plan to set up more branches and SME centres in different remote locations where beneficiaries of foreign remittance live," he said. "In addition, we will try to establish mutually beneficial partnership with other PCBs/ NCBs to ensure countrywide network of delivery points of remittances" he said further.
Exim Bank sources said following the launching of its London exchange house, it is planning to open more exchange companies around the world, targeting countries with large numbers of Bangladeshi expatriates to tap further the huge market of channelling the foreign remittance.
In a move beneficial for the flow of foreign exchange into the country, Export Import Bank of Bangladesh Limited is set to become the first Bangladeshi private bank to open its own exchange house in the United Kingdom, one of the oldest destinations for the expatriate Bangladeshis.
Exim Exchange Company (UK) Ltd starts its operation today (Tuesday) in London as a wholly owned subsidiary of Exim Bank with a paid-up capital of GBP 300,000.00 after being incorporated in February this year.
Bangladesh Bank Governor Atiur Rahman will inaugurate the exchange house through a formal ceremony to be held in London, while Dr. M. Sayeedur Rahman Khan High Commissioner of Bangladesh, will attend the programme as the special guest.
"It is a milestone for EXIM Bank as we spread our wings beyond the border just a decade after starting the journey in 1999," Managing Director of EXIM Bank Kazi Masihur Rahman told FE.
The move came at a time when the inflow of foreign remittance into the country, according to official statistics, is moving towards ten billion US dollars annually. However, a further chunk of that foreign exchange source keeps missing from the central bank account every year due to the overwhelming availing of improper channels by the expatriate workers in remitting money.
The case of the UK, which is reported to be the fourth largest source of remittance in the country, about contributing 12 per cent of the total remittance received in the year 2008-2009, is no exception.
The EXIM Bank MD said the bank's exchange house in London would specifically strive to address the problems currently being faced by the remitters by making the money transfer process 'easier, friendlier, more accessible and gainful' for the NRBs.
"Our exchange house would offer good exchange rate with best customer service," said Mr Masihur Rahman, adding, "We understand the needs of the remitters. We promise to offer the remitters five things: Reliability, Speedy Delivery, Good Exchange Rate, Minimum Commission and Quick Response to inquiry. We are confident that EXIM Exchange will became a market leader within a short time by providing all sorts of remittance services to its clients' delight".
"At our head office, we have an IT-driven centralised Remittance Processing Centre and have a knowledgeable and highly skilled team who are handling remittance received from exchange houses. This efficient team is on its gear to collaborate with the newly established London outlet," Mr. Masihur said. "We are planning to offer customised banking products for the NRBs and the receivers of NRB remittances in Bangladesh." He added there would be a further network of 44 branches and two SME centres.
Located at the Universal House of Wentworth Street (connected to Brick Lane) in London, the EXIM Bank exchange house is also in the vicinity of local NRBs as the place is frequented by a large number of Bangladeshi expatriate business community members and workers.
"This strategic location is also in our advantage," the Exim Bank official said, adding it is spacious and comfortable and other logistics being offered by EXIM Exchange are very much customer-friendly. He said, "the front office and back office operations of the Exchange House will be run most efficiently with the full support of a highly secured and AML-compliant automated IT-driven Remittance Management System".
"Again back at home, currently we have five branches in greater Sylhet zone and we have a plan to set up more branches and SME centres in different remote locations where beneficiaries of foreign remittance live," he said. "In addition, we will try to establish mutually beneficial partnership with other PCBs/ NCBs to ensure countrywide network of delivery points of remittances" he said further.
Exim Bank sources said following the launching of its London exchange house, it is planning to open more exchange companies around the world, targeting countries with large numbers of Bangladeshi expatriates to tap further the huge market of channelling the foreign remittance.