KATHMANDU: Global IME Bank has partnered with the Bank Albilad of Saudi Arabia for providing remittance service. The remittance service was formally inaugurated on Wednesday at the Bank Albilad, Saudi Arabia.

With the formal inauguration of the remittance service, the customers now can send money from Bank Albilad, Saudi Arabia, to Nepal at a nominal best rate, according to the GIBL.

Similarly, the money can be collected from all branches of the Global IME Bank, and more than 15,000 agent networks of IME and GME all over Nepal.

Speaking on the occasion, Nepali Ambassador to Saudi Arabia Prof. Dr. Mahendra Prasad Singh Rajput said that the partnership between two large banks of Nepal and Saudi Arabia would help channelize the remittance through banking channel and also help bring Saudi investment in Nepal.

Stating that there was a favorable investment climate in Nepal, Singh said that the partnership of the two banks would also help promote Saudi investment in different sectors in Nepal.

Chairman of Global IME Bank Chandra Prasad Dhakal said that the partnership between the two banks would ease the remittance service and also bring in the remittance through a formal banking channel.

Earlier on May 27, an agreement was signed between the two banks. Mahesh Sharma Dhakal, Acting Chief Executive Officer of Global IME Bank and Omar Al-Hussain, General Manager of Bank Albilad Enjaz Division had signed on the agreement for their respective companies.

Global IME Bank has already partnered with different financial institutions in KSA, UAE, Qatar, Bahrain, Malaysia, India, UK, Australia, South Korea, Japan, and Jordan.