As per a recent press report, the Muthoot Exchange which is an extended subsidiary of Muthoot Group has entered into a remittance agreement with Mercantile Bank Limited operating in Bangladesh.
Muthoot Exchange has been into the business of money transfer in Dubai for the past two years. There is a large population of Bangladeshi in Dubai and they make use of the services offered by Muthoot Exchange for transferring money to Bangladesh. Mercantile Bank Limited which is one is one of the top 10 banks in Bangladesh has entered into an agreement with Muthoot Exchange in order to make the services more available to the customers.
According to the press report the pact was signed in Dubai by Mr. George Jacob Muthoot, Joint Managing Director of Muthoot Group and Mr. A.I.C.M.Shahidul Haque, Managing Director and CEO of Mercantile Bank Limited.
Mercantile Bank Limited emerged as a new commercial bank to provide efficient banking services and to contribute socio-economic development of the country. It commenced its operation on June 2, 1999. The Bank provides a broad range of financial services to its customers and corporate clients. Its credit basket includes education loan, consumers credit scheme, doctors credit scheme, rural development scheme, any purpose loan, car loan, home loan, house furnishing loan etc.