02 August 2006
MUSCAT -- Mustafa Sultan Exchange Co, one of the leading exchange houses in Oman, has officially announced its tie-up with Brac Bank Limited for remittances in Bangladesh, adding yet another feather in its cap.
All the remittances to Bangladesh through Brac Bank will be sent online and customers will receive payment within 24 hours in urban areas and 48 hours in rural regions through its door-to-door services.
This was announced yesterday at a press conference addressed by Ravella Venkateshwara Rao, chief manager, Mustafa Sultan; I Sashi Pongener, general manager, Mustafa Sultan; Naushad Hussain, vice-president, head of secure remittance service, Brac Bank; and Syed Faisal Omar, assistant vice-president, payment services department, Brac Bank.
Mustafa Sultan already has a tie-up with two other Bangladeshi banks namely Pubali Bank and United Commercial Bank. But the tie-up with Brac Bank will improve the services and rates for sending remittances to Bangladesh, it was revealed.
The exchange house started remittance services through Brac Bank for its Bangladeshi customers since January this year and the response has been quite good, officials disclosed yesterday.
Other services provided by Brac Bank include opening of new non-resident savings accounts for Bangladeshis in Oman itself through Mustafa Sultan.
Brac Bank is a new breed of private sector banks in Bangladesh and has witnessed a meteoric rise since it was established in 2001 as a fully operational commercial bank. Brac Bank has been focusing on pursuing the unexplored market niches in the Small and Medium Enterprises Sector and has disbursed nearly BDT15 million in loans to around 30,000 SMEs.
The bank's footprints have grown to 19 branches (11 more to be added this year), 321 SME unit offices and 16 ATM sites all across Bangladesh.
Remittance Services is one of the core business areas of Brac Bank with a primary goal to provide seamless service to its remittance customers. Towards this end, the bank has been using innovative technology driven techniques to deliver remittances even in the most remote corner of Bangladesh, says Naushad Hussain, vice-president, head of secure remittance service, Brac Bank.
There are 502 Brac Bank field offices connected electronically all over Bangladesh, which are used as remittance payment outlets to provide fast and expeditious services to the beneficiaries. This network is currently being expanded to make it 750 outlets all across Bangladesh by the end of 2006. This is being done to serve the customers in the interior regions because most of the remittances come from the low income bracket workers who come abroad. Brac Bank also has a slew of services for non-resident Bangladeshis. Customers can contact 8801711439071 or mail at probashi@bracbank.com
According to Ravella Venkateshwara Rao, Brac Bank was added to the list of already existing banks from Bangladesh mainly because Brack Bank is the new breed of private sector banks using latest technology to provide its services. Mustafa Sultan Exchange, managed by State Bank of India, started its operations in 1998 in Ruwi and progressively improved its business and increased its network to nine branches and is waiting to expand rapidly all across Oman.
MUSCAT -- Mustafa Sultan Exchange Co, one of the leading exchange houses in Oman, has officially announced its tie-up with Brac Bank Limited for remittances in Bangladesh, adding yet another feather in its cap.
All the remittances to Bangladesh through Brac Bank will be sent online and customers will receive payment within 24 hours in urban areas and 48 hours in rural regions through its door-to-door services.
This was announced yesterday at a press conference addressed by Ravella Venkateshwara Rao, chief manager, Mustafa Sultan; I Sashi Pongener, general manager, Mustafa Sultan; Naushad Hussain, vice-president, head of secure remittance service, Brac Bank; and Syed Faisal Omar, assistant vice-president, payment services department, Brac Bank.
Mustafa Sultan already has a tie-up with two other Bangladeshi banks namely Pubali Bank and United Commercial Bank. But the tie-up with Brac Bank will improve the services and rates for sending remittances to Bangladesh, it was revealed.
The exchange house started remittance services through Brac Bank for its Bangladeshi customers since January this year and the response has been quite good, officials disclosed yesterday.
Other services provided by Brac Bank include opening of new non-resident savings accounts for Bangladeshis in Oman itself through Mustafa Sultan.
Brac Bank is a new breed of private sector banks in Bangladesh and has witnessed a meteoric rise since it was established in 2001 as a fully operational commercial bank. Brac Bank has been focusing on pursuing the unexplored market niches in the Small and Medium Enterprises Sector and has disbursed nearly BDT15 million in loans to around 30,000 SMEs.
The bank's footprints have grown to 19 branches (11 more to be added this year), 321 SME unit offices and 16 ATM sites all across Bangladesh.
Remittance Services is one of the core business areas of Brac Bank with a primary goal to provide seamless service to its remittance customers. Towards this end, the bank has been using innovative technology driven techniques to deliver remittances even in the most remote corner of Bangladesh, says Naushad Hussain, vice-president, head of secure remittance service, Brac Bank.
There are 502 Brac Bank field offices connected electronically all over Bangladesh, which are used as remittance payment outlets to provide fast and expeditious services to the beneficiaries. This network is currently being expanded to make it 750 outlets all across Bangladesh by the end of 2006. This is being done to serve the customers in the interior regions because most of the remittances come from the low income bracket workers who come abroad. Brac Bank also has a slew of services for non-resident Bangladeshis. Customers can contact 8801711439071 or mail at probashi@bracbank.com
According to Ravella Venkateshwara Rao, Brac Bank was added to the list of already existing banks from Bangladesh mainly because Brack Bank is the new breed of private sector banks using latest technology to provide its services. Mustafa Sultan Exchange, managed by State Bank of India, started its operations in 1998 in Ruwi and progressively improved its business and increased its network to nine branches and is waiting to expand rapidly all across Oman.
By Visvas Paul D. Karra
© Times of Oman 2006
