Tie up to offer Western Union money transfer services

NDB Bank, a principal agent of Western Union (WU), money transfer services, has tied up with Wayamba Development Bank, Rajarata Development Bank, Uva Development Bank and Kandurata Development Bank to offer Western Union Money Transfer service through their 150 branches in Gampaha, Kurunegala, Puttalam, Anuradhapura, Polonnaruwa, Badulla, Moneragala, Ampara, kandy, Matale and Nuwara Eliya.

Remittances are a major source of foreign resources to Sri Lanka. "According to the Central Bank of Sri Lanka, 1.2 million Sri Lankans who are employed abroad, remitted Rs. 241 billion (about 2.41 billion US). During the first five months of 2007, private remittances from Sri Lankan expatriates grew by 17.1 per cent to 1.09 billion dollars from the same period of last year," said Anil Kapur, Managing Director -South Asia, Western Union.

"Remittances fuel consumption, promote literacy and eventually fuel investments, thus bringing rapid economic development to the country. Western Union is proud of associating with NDB Bank and the Regional Development Banks and further extending its reach for providing convenient, fast and reliable money transfer service to the people of Sri Lanka" said Kapur.

"Our association with Western Union, a leading provider of global money transfer services, will be highly beneficial for the people in rural areas, who depend on remittances from their family members abroad," said W. A. Sirisena, General Manager Wayamba Development Bank.

Regional Development banks were set up in 1997 to develop the economy of the regions by providing financial assistance to develop agriculture, Fisheries, Industry, trade and commerce in the regions.

"With the inclusion of the Regional Development Banks to provide Western Union's money transfer service, we have further increased the reach into the rural parts of Sri Lanka. We are committed to providing speedy and safe money transfer service to the people in association with Western Union," said Indrajith Wickramasinghe, Vice President, Consumer Banking and Marketing, NDB Bank.