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UAE Exchange has announced a significant corporate restructuring exercise to pave way for accelerated global growth and enhanced service excellence.
The board of directors of UAE Exchange unanimously appointed B R Shetty as the Chairman of the reconstituted board of directors.
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.
The company will also have a new Vice-Chairman on the board, Nabeeel 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. Earlier, he was Deputy CEO.
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, UAE Exchange 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 $ 24 billion and $ 25 billion, respectively.
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