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Sunday, 18 July 2010

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NSB partners UNISTREAM

National Savings Bank, the only Bank to have 100 percent Government guarantee and protection becomes the first bank in Sri Lanka to partner with the Moscow based Commercial Bank UNISTREAM, which has its presence in over 95 countries.

The Russian Bank is an operational and organisational centre for the Unistream Money Transfer system.

The partnership will facilitate inward remittance of non-resident Sri Lankans through the worldwide presence of UNISTREAM and the islandwide presence of NSB."Over a 1.5 million Sri Lankans living and working overseas send home around Rs. 370 billion each year, which accounts for about 8 percent of the country's GDP.

NSB's partnership with UNISTREAM is a significant milestone targeting the growing Sri Lankan diaspora worldwide", said General Manager/CEO NSB, H.M. Hennyake Bandara. "We believe that due to the growing demand for remittances globally and Sri Lanka particularly, the project will be successful."

The set of services offered locally by this partnership includes cash to cash option, cash to account option and bank cheque delivery.

"UNISTREAM has been putting a lot of effort expanding into all principal world remittance corridors in general and in the Asian region particularly", said Senior Vice President, International Development for Commercial Bank UNISTREAM Shekhar Nair.

UNISTREAM's services are available in over 160 locations across the country, it is planned to expand the network to 200 locations by the end of the year. Remitters can now enjoy convenience, attractive rates and high quality services of sending money from over 95 countries to Sri Lanka where NSB operates in all districts.

This partnership will also help the Bank to attract migrant workers who currently send their money to Sri Lanka using illegal systems and gain more foreign currency into the banking system.

 

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