• Home
• /
• Local business

Dr B.R. Shetty takes over as chairman of UAE Exchange

Abu Dhabi - The company said that the top level corporate reconstitution was aimed at building its reach and spread of services further.

Abu Dhabi-based global remittance giant, UAE Exchange's reconstituted board of directors, has elected Dr. B.R. Shetty its founder as its Chairman.
The exchange  major will  also  have  a  new  vice  chairman  on  the  board,  Nabeeel Abdul Rahman who also serves as CEO and vice chairman of KBBO Group, while Promoth Manghat has been elevated to the post of chief executive officer. He was deputy CEO earlier.
The company said that the top level corporate reconstitution was aimed at building its reach and spread of services further, in line with the increasing sophistication of customers.
Manghat will be responsible for formulating the organisation's global strategy, operations  and  business  expansion  of  UAE  Exchange  across  its  operations  globally.  He will also lead the global sales, marketing and operations, including end-to-end oversight of the branches and expansion plan along with the financial and operational performance, worldwide.
Manghat, a veteran and industry expert in remittance, foreign exchange and payments, has  played  a  key  role  in  the  strategic  development  and  rollout  of  new  products  and  maturing  of  new business ideas at UAE Exchange.
Earlier, UAE Exchange had announced promoting  Y.  Sudhir Kumar Shetty,  as  the  president  of  the company.
The company said that as part of the strategic move, it will reconstitute the Board of Directors  by  inducting  non-executive  independent  directors  along  with  shareholders  and  management representatives.
In  2014,  the  company had  handled six per  cent  of  the  global remittances while  the remittances  and  foreign exchange businesses in the same year were to the tune of $24 billion and $25 billion respectively.
The brand  has  surged  ahead  with  operations  in  31  countries  and  serving  over  7.9  million  customers  with  a repertoire of services like instant bank transfer, overseas cash payouts, currency exchange, salary collection, bill payments, mobile top-ups, secure savings options, travel card etc.
Centurion Investments, the leading investment firm in UAE, owned by Saeed Bin Butti Al Qubaisi along with Infinite Investments increased their stake in UAE exchange in 2014 to 60 per cent.
Saeed Bin Butti Al Qubaisi, Dr. B R Shetty and Khaleefa Butti Omair Yousif Al Muhairi also in January 2015 completed the acquisition of Travelex, the world's leading foreign exchange specialist.
Shetty said: "UAE Exchange is going through a major transformation in its business. While we will continue our focus on spreading the brand's footprints across new markets, we will also continue to explore reinforcing our services through a host of new value added service platforms including online remittances."
- haseeb@khaleejtimes.com