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Wed, Nov 19, 2025 | Jumada al-Awwal 28, 1447 | Fajr 05:18 | DXB 
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GMEC plans to open 15 branches in Oman
MUSCAT - A leading money exchange house in Oman managed by India's State Bank of Travancore (SBT) has revealed plans to open 15 new branches in the country in response to customer demand.
Global Money Exchange Company (GMEC), which currently has four outlets, plans to launch five of the new offices this year and the rest 10 in 2009, senior SBT and GMEC officials said here.
GMEC, founded in 2002, currently has a customer base of more than 200,000, and remittances through the company to India from Oman rose last year to Rs.1,350 crores, compared with Rs267 crores in 2003. Net profit for 2007 was RO250,000.
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"We are upbeat about future prospects," A K Basu, SBT's General Manager - International Banking, said addressing a Press conference together with Abraham George, General Manager of GMEC.
Basu said the consistent rise in the value of the Indian rupee in recent months against the dollar had not had any major impact on remittances to India from the region.
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