Global Money Exchange Company, IOB join hands


MUSCAT, Dec. 08, 2004
Times of Oman

Global Money Exchange Company LLC, which is managed by Kerala’s premier bank, State Bank of Travancore (SBT), has joined hands with Indian Overseas Bank (IOB).

From today, IOB customers in Oman will also enjoy the services of Global Money Exchange Company, especially the issuance of drafts.

As of March 2003, IOB had 1,427 branches in India and six branches overseas. IOB has specialised branches to cater to the exclusive needs of commercial and industrial credit, industrial finance, small-scale industries, hi-tech agriculture and foreign exchange. The bank is a depository participant. In a short span of two-and-a-half years, Global Money Exchange Company has achieved an outstanding customer-base in Oman. The company has very recently opened a branch in Seeb.

The youngest money exchange in Oman, established by the 59-year-old SBT, the associate of Sate Bank of India, in association with Oman’s Khalili Group has been providing the NRI community in Oman with a series of unique services such as instant remittances, exchange of currencies, guidance and assistance for various bank schemes since April 2002.

SBT has direct tie-ups with 14 exchange companies in the Gulf. Global Money Exchange is SBT’s second venture in the Gulf. SBT has been engaged in money exchange business in Dubai through City Exchange LLC.

Today, SBT, which has over 12,000 employees, is the market leader in non-resident Indian banking business in India. At present, the bank has a total branch network of 672, spanning 14 states in India. Of which, 555 branches are in Kerala. The bank provides seven-day banking at 17 major branches. Internet and mobile banking was introduced long ago. The bank’s NRI business has already crossed Rs55 billion has a history of uninterrupted profits.

Mathai Andrews, who is on his deputation from SBT, is the general manager of the exchange.