Hatton National Bank PLC, signed a memorandum of understanding with the Kerala-based South Indian Bank (SIB).
SIB is one of the larger progressive private banks in India with more than 600 branches in India.
SIB has a presence in the UAE through management arrangement with Hadi Exchange, one of the leading exchange houses in the UAE. Hatton National Bank maintains strong links with correspondent banks in 82 countries and owns and manages exchange houses in UAE (Abu Dhabi), Oman (Muscat) and Canada. The bank also maintains representative offices in India and Pakistan.
Through this memorandum of understanding, there will be greater facilitation to improve the remittance flow to India and Sri Lanka where customers of SIB and HNB will have access to more than 600 locations in India through the SIB branch network and 187 locations in Sri Lanka through the HNB branch net work.
The customers of both banks will be able to make remittances through electronic channels and demand draft drawing arrangements. Through the signing up of the MOU customers of Delma Exchange in Abu Dhabi and Majan Exchange in Oman both of which are managed by HNB will have access to remit to any SIB branch through the large domestic distribution SIB enjoys in India.
Similarly Sri Lankan customers of Hadi Exchange in the UAE will now have the opportunity to route their remittances to Sri Lanka through the HNB branch net work.
The MOU will also greatly facilitate trade related business covering letters of credit, discounting of bills etc.
India being one of the largest trade partners of Sri Lanka, customers of both banks will largely benefit in trade related business through the wide and extensive accessibility to do trade business through the large net work of branches of SIB and HNB spread across India and Sri Lanka.
And in addition to this employees of HNB and SIB will have enhanced training opportunity in India and Sri Lanka in the future. Rajendra Theagarajah, MD/CEO of HNB, said the signing of this MOU will pave the way for further collaboration with SIB in the future.
The agreement was signed by Mr Rajendra Theagarajah, Managing Director/CEO of HNB and Dr V. A Joseph, Managing Director/CEO of SIB, in Thruvananthapuram.
Source: The Island Online
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