Media Release

UAE, August 26: UAE Exchange, the leading global remittance and foreign exchange brand, today announced a significant corporate restructuring exercise to pave the way for accelerated global growth and enhanced service excellence.

The board of directors of UAE Exchange unanimously appointed Dr B R Shetty as the chairman of the reconstituted board of directors of the UAE Exchange group.

In a statement, 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.

UAE Exchange will also have a new vice chairman on the board, Nabeel 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.

As CEO, Promoth 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.

Promoth Manghat who is 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, further in its statement 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 6 per cent of the global remittances while the remittances and foreign exchange businesses in the same year were to the tune of USD 24 billion and USD 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.

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.

Commenting on the development, Dr B R Shetty, chairman, UAE Exchange 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. We are glad to have Promoth taking on as CEO to lead the group to achieve more revolutionary milestones. We are confident that this structural change in the organisation will further strengthen our commitment towards maintaining growth, reiterate the trust among customers and partners, and reinforce our leadership position.”