HNB signs MOU with South Indian Bank
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.
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From left: SIB Executive Director Abraham Thariyan, SIB Managing
Director/CEO Dr V.A. Joseph, HNB Managing Director/CEO Rajendra
Theagarajah and HNB Chief Representative Officer Chennai B.K.
Achan |
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 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.
HNB MD/CEO Rajendra Theagarajah said the signing of this MOU will
pave the way for further collaboration with SIB in the future.
The agreement was signed by HNB Managing Director/CEO Rajendra
Theagarajah, and SIB Managing Director/CEO Dr V.A. Joseph in
Thruvananthapuram. |
