Syndicate Bank renews contract

Syndicate Bank has renewed its two-decad-old management service contract with Oman-based Musandam Exchange House.

The renewal contract was signed in Muscat by the bank's chairman and managing director N Kantha Kumar and Mohammed Sulaiman al Tehli, proprietor Musandam exchange, said a bank release.

The service contract is likely to enable Indian expatriates avail the bank's speed remittance products that the bank offers through transfer of forex in over 250 branches. Kantha Kumar indicated that this will be doubled to cover 500 branches shortly.

The agreement is to remain in vogue till May 2008 and besides increasing the coverage for speedy transfer of money in India, Syndicate Bank, which has extensive presence in West Asia, also plans to set up representative offices in South Africa and Dubai with approval of the regulator, release added.