Winning deal for Xpress Money and BRAC Bank Ltd

Abu Dhabi, July 12: Xpress Money, the global instant money transfer brand and BRAC Bank Ltd, one of the leading commercial banks in Bangladesh announced that they have entered into a bilateral agreement by which BRAC Bank Ltd would now provide Xpress Money service through its branches and widely networked BRAC (NGO) pay-out locations.

This new partnership between Xpress Money and BRAC Bank Ltd would benefit Bangladeshi nationals to send money from anywhere across the globe, which can be received instantly by the beneficiaries at the BRAC branches and its payout locations in Bangladesh. The tie-up is a significant one as both Xpress Money and BRAC Bank are renowned establishments in their respective sectors.

Since its inception in July 2001, BRAC Bank's footprint has grown to 56 branches, 30 SME Sales and Service Centres and 1800 BRAC (NGO) payout locations across the country and it has been dubbed the fastest growing Bank in Bangladesh between 2004 and 2008. Recently, BRAC Bank received the prestigious DHL-Daily Star Bangladesh Business Awards 2008 for its innovations in products, services, financial performance, company management and contribution to Bangladesh’s development.

On the other end of the tie-up is Xpress Money which has been growing at an outstanding pace since its launch in 1999 with its strong growth strategies. With a presence across five continents and an agent network spanning more than 36,000 locations; its agent partnership includes many prominent banking and non-banking entities.

Xpress Money officials said that this deal is an ideal one and would be an important stride in taking the global growth plans of the brand forward. BRAC Bank has grown tremendously since its inception and like Xpress Money is a brand which focuses on enhanced service through its strong networks and innovative products and services for the customers and earned a reputation in Bangladesh for being among the top financial service providers.

They further added that such a synergic association helps Xpress Money as a brand to continue its relentless efforts to improve and expand its services to benefit all communities it associates with. “This remittance arrangement would definitely help our customers from the Bangladeshi community in UAE and all over the world. We would like to offer our customers a reliable solution to transfer their hard-earned money in a secure manner within minutes. We are pleased to announce this tie-up with BRAC Bank Ltd and offer our unparalleled service and excellent product proposition to our customers."

Mr. Syed Mahbubur Rahman, Deputy Managing Director, BRAC Bank Ltd. stated that the tie-up will have a significant bearing and will be extremely beneficial for customers since Xpress Money is a global instant money transfer brand and has acquired an expanding customer base with its presence in over 87 countries. This will provide a channel to the Bangladeshi expatriates across the world to instantly send money to their loved ones back home.