UAE Exchange in corporate restructuring: Reconstitutes Board and Executive Leadership

Press release
Published August 24th, 2015 - 11:26 GMT

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,  Mr.  Nabeeel Abdul Rahman who also serves as CEO and Vice Chairman of KBBO Group, while Mr. Promoth Manghat has been elevated to the post of Chief Executive Officer. He was Deputy CEO earlier.

As CEO, Mr. 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.

Mr. 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 Mr.  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.

Centurion Investments, the leading investment firm in UAE, owned by His Excellency Saeed Bin Butti Al Qubaisi along with Infinite Investments increased their stake in UAE exchange in 2014 to 60%.

His Excellency 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.” 

Background Information

UAE Exchange

With a presence in more than 31 countries, UAE Exchange is a leading global remittance, Foreign Exchange and payment solutions brand. We are committed to provide our more than 15 million customers, with multiple financial solutions at one counter. With a team of 9000 employees, we operate in some of the world’s dynamic markets, and strive to offer our customers a wide range of financial products and solutions. With a focus on innovation and new product development, we are poised to help you address all your financial needs under one roof.

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