NDB Bank partners Singer for Western Union money transfer services

NDB Bank, principal agent of Western Union Money Transfer signed a partnership with Singer (Sri Lanka) to offer Western Union money transfer services.

This service will be available in 325 Singer outlets including the Northern and Eastern provinces.

Singer (Sri Lanka) is a large, diversified company with unmatched presence throughout the island.

"Our tie up with Western Union and NDB Bank for providing money transfer services is a path breaking venture that will help expand reach and business in Sri Lanka," said Hemaka Amarasuriya, Chairman Singer (Sri Lanka) Ltd.

"Our distribution network encompasses areas that do not have a representation of other players in the money transfer business.

This initiative will also prove to be a boon to over 4 million households, which we currently service across the island nation. For us this is not just a business opportunity but more so a service to the Sri Lankan expatriate community".

"By joining hands with Singer (Sri Lanka) to provide Western Union money transfer services, we have further added more access points to the customers in this country. We are committed to providing speedy and safe money transfer service to the people of Sri Lanka in association with Western Union and in collaboration with Singer (Sri Lanka)," Chief Executive Officer, NDB Bank, Nihal Welikala said.

Remittances are a major source of foreign resources to Sri Lanka. "According to the Central Bank of Sri Lanka, 1.5 million Sri Lankans who are employed abroad remitted 241 billion rupees (about 2.41 billion U.S. dollars) in 2006.

During the first five months of 2007, private remittances from Sri Lankan expatriates grew by 17.1 percent to 1.09 billion dollars from the same period of last year," states Ratheesh Kumar, Country Director (South & East India, Bangladesh & Sri Lanka), Western Union. "Remittances fuel consumption, promote literacy and eventually fuel investments, thus bringing rapid economic development to the country.

Western Union is proud to be associated with NDB Bank and Singer (Sri Lanka) in further extending its reach in order to provide convenient, fast and reliable money transfer service to the people of Sri Lanka", adds Kumar.

The Western Union Company (NYSE: WU) is a leader in global money transfer services. Together with its affiliates, Orlandi Valuta, Vigo and Pago Facil, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders.

It operates through a network of more than 320,000 agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.