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Ezremit ties up with Punjab National Bank to expand presence in India

Bahrain: Wednesday, March 23 - 2011 @ 09:19

With over 56 million customers and 7500 locations across 764 cities, PNB has retained its leading position amongst the nationalized banks in India. Under the terms of the agreement, receivers can instantly collect money from any of PNB’s branches by providing proof of identification and completing a simple receive form with the security reference number. EzRemit’s services from across the globe will be available to PNB account holders as well as to non account holders in India.

Commenting on the expansion, Mr. Ebrahim Nonoo, Managing Director and CEO of BFC Group Holdings said, “India is a priority market for EzRemit. Being the largest remittance market in the world with more than 50 billion USD received in 2009, the country represents a significant growth opportunity for our business. As we continue to expand our global distribution network, this strategic partnership with PNB reaffirms our commitment to reach out to our growing customer base and provide convenient and reliable money transfer services to more communities across India.”

With this expansion, EzRemit will offer its international money transfer services through a total of 13,800 locations in India.

Mr M.V. Tanksale, Executive Director of the Bank commented that “PNB has had an excellent relationship with BFC Group holding for over 10 years, having Rupee Drawing Arrangement with Bahrain Financing Co Bahrain and Bahrain Exchange Co in Kuwait. The alliance with “EzRemit” will further facilitate remittances from around 50 countries particularly from Gulf region through the Bank’s large network across India.”

Launched in 2003, with a mission to provide fast, affordable and secure remittance service to customers, EzRemit has been able to carve a niche in the remittance market due to its fast and reliable services, matched with competitive rates. The inclusion of Punjab National Bank as an EzRemit partner will help to establish EzRemit as a leading money transfer operator with a strong global footprint.

EzRemit has over 700 remittance centres in over 50 countries, with more than 30,000 locations.

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Wednesday, March 23- 2011 @ 9:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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