Dubai, March 1, 2011: MCB Representative Office Dubai, part of Wholesale Banking Group has initiated a new remittance service to Pakistan from United Arab Emirates and signed an agreement with UAE based Al Fardan Exchange, a leading exchange house in the region since more than 38 years.

This service further strengthens legal means of remittances to Pakistan. Al Fardan Exchange's money transfer services across its 40-branch network in UAE would be available for MCB's remittance services. The new relationship, set up with support of Bank's Transaction Banking Division will help Pakistani expatriates remit money from Al Fardan Exchange free of cost.

It will undertake diverse services including issuance of Telegraphic Transfers from UAE and MCB will deliver payments in accounts, as well as instant cash, in Pakistan. MCB President M.U.A. Usmani said in today's environment, customers require rapid, efficient money transfer services. Association with Al Fardan Exchange, will facilitate meeting such requirements. "This Agreement is part of our strategy to offer broad span of latest financial services to our customers. We have full confidence in Al Fardan's experience, technical services quality. It will further strengthen MCB as it moves forward to affirm its leading position in Pakistan's banking sector."

Osama Al Rahma, General Manager, Al Fardan Exchange, said that with one of best and largest branch networks in Pakistan, MCB would help the company in expanding their services across the country. "We are proud to be associated with Pakistan's leading bank and look forward to offer our services to MCB's customers." The tie up is a part of our strategy to extend our services to the Pakistan Market and offer excellent services to our esteemed customers.

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For further information, please contact:
Zameer A. Punjabi 
Senior Manager
Marketing and Business Development
Al Fardan Exchange
Tel: 06.5343003
Mob: 050.3510833
Email: zameer@alfardanexchange.com

Faiz Shakeel
MCB Bank Ltd,
Representative Office Dubai
Tel: 04.2248841
Mob: 050.1495164
Email: ops2401@mcb.com.pk

© Press Release 2011