UAE Exchange outlines significant corporate restructuring

UAE Exchange, a global remittance and foreign exchange brand, announced B.R. Shetty as the chairman of the reconstituted board of directors of the UAE Exchange Group; Mr. Nabeeel Abdul Rahman was named as the new board's vice chairman, while Promoth Manghat will take the position of CEO.

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.

In a statement, the firm said that the changes are part of an strategic planning, that aims to include non-executive independent directors along with shareholders and management representatives.

In 2014, the company handled six percent of the global remittances while the remittances and foreign exchange businesses in the same year were to the tune of $24 billion (USD) and $25 billion, respectively. The brand has operations in 31 countries, attending over 7.9 million customers with services like instant bank transfer, overseas cash payouts and currency exchange.

“UAE Exchange is going through a major transformation in its business," Shetty said. "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."