Prime Bank, UCBL, Rupali Bank to offer Western Union money transfer services
Tuesday, 21 August 2007
FE Report
Western Union has recently appointed three new agents - Prime Bank Limited, United Commercial Bank Limited (UCBL) and Rupali Bank - to offer its money transfer services across the country.
Prime Bank and UCBL are private sector banks, and Rupali Bank is a nationalised commercial bank.
The people of Bangladesh have an enormous need for reliable and convenient means to receive money, said Western Union South Asia Managing Director Anil Kapur. With its expanding global agent network, the company is uniquely positioned to meet this need.
The cooperation with Prime Bank, UCBL and Rupali Bank would allow Western Union to provide easier, faster and reliable access to money transfer service for the Bangladeshi customers, he added.
According to Bangladesh Bank (BB), inward remittance from Bangladeshis working abroad continues to play a supporting role in strengthening the country's economy. The amount of remittance has increased from $3.8 billion in 2005 to $4.8 billion in 2006. It constitutes 7.7 per cent of the country's GDP.
In the FY 2006, 35.3 per cent of the total wage earners' remittance into the country comes from the KSA, 15.8 per cent from the US, and 11.8 per cent from the UK, the BB statistics showed.
The Western Union Company operates through a network of more than 3,12,000 agent locations in over 200 countries and territories. It is currently serving the needs of the local consumers through its five agents - National Bank Ltd, Arab Bangladesh Bank Ltd, Brac Bank Ltd, Dutch-Bangla Bank Ltd and Southeast Bank Ltd - with more than 1,200 locations countrywide.
Prime Bank is one of the fastest growing second generation private sector banks of the country. The bank currently has 54 branches, with 12 more branches in pipeline within this year.
UCBL has 84 branches, and its focus is to add sub agents across the country in addition to the present branches.
Rupali Bank is the fourth largest government sector bank, having 493 branches across the country.
Western Union has recently appointed three new agents - Prime Bank Limited, United Commercial Bank Limited (UCBL) and Rupali Bank - to offer its money transfer services across the country.
Prime Bank and UCBL are private sector banks, and Rupali Bank is a nationalised commercial bank.
The people of Bangladesh have an enormous need for reliable and convenient means to receive money, said Western Union South Asia Managing Director Anil Kapur. With its expanding global agent network, the company is uniquely positioned to meet this need.
The cooperation with Prime Bank, UCBL and Rupali Bank would allow Western Union to provide easier, faster and reliable access to money transfer service for the Bangladeshi customers, he added.
According to Bangladesh Bank (BB), inward remittance from Bangladeshis working abroad continues to play a supporting role in strengthening the country's economy. The amount of remittance has increased from $3.8 billion in 2005 to $4.8 billion in 2006. It constitutes 7.7 per cent of the country's GDP.
In the FY 2006, 35.3 per cent of the total wage earners' remittance into the country comes from the KSA, 15.8 per cent from the US, and 11.8 per cent from the UK, the BB statistics showed.
The Western Union Company operates through a network of more than 3,12,000 agent locations in over 200 countries and territories. It is currently serving the needs of the local consumers through its five agents - National Bank Ltd, Arab Bangladesh Bank Ltd, Brac Bank Ltd, Dutch-Bangla Bank Ltd and Southeast Bank Ltd - with more than 1,200 locations countrywide.
Prime Bank is one of the fastest growing second generation private sector banks of the country. The bank currently has 54 branches, with 12 more branches in pipeline within this year.
UCBL has 84 branches, and its focus is to add sub agents across the country in addition to the present branches.
Rupali Bank is the fourth largest government sector bank, having 493 branches across the country.