Federal Bank, Kerala-based private sector bank has inked management agreement with World Exchange. With this arrangement, the bank has taken up the management of World Exchange Centre WLL strengthening its foothold in Bahrain. Four officers have been deployed to operate the exchange.
Federal Bank has presently 8 inward remittance arrangements with Exchange Houses from Bahrain. Besides, the bank is hopeful of serving Indian Diaspora in Bahrain in a more efficient manner.
Recently, Federal Bank had inked pact with Bangalore Metro Rail Corporation for automatic fare collection for 13 stations of the northern reach of Bangalore's ‘Namma Metro', which was expected to be commissioned in December.
Federal Bank is the fourth-largest private lender in the country and the largest in Kerala, with a balance sheet of Rs 81,000 crore as of September 30, 2011.
