HNB signs MOU with Indian bank
Hatton National Bank PLC, signed a Memorandum of Understanding with
the Kerala based South Indian Bank (SIB). SIB, one of the larger
progressive private banks 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.
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(Left to Right): Abraham Thariyan,
Executive Director SIB, Dr. V.A. Joseph, Managing
Director/CEO of SIB, Rajendra Theagarajah, Managing
Director/CEO of HNB, B.K. Achan-HNB Chief Representative
Officer Chennai |
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 network.
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 UAE will now have
the opportunity to route their remittances to Sri Lanka through the HNB
branch network.
The MOU will also greatly facilitate trade related business covering
letters of credit and discounting of bills. 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 network 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 Rajendra Theagarajah, Managing
Director/CEO of HNB and Dr. V.A. Joseph, Managing Director/CEO of SIB in
Thruvananthapuram.
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