June 26, 2003

Southeast Bank signs accord with NENO, LLC for Money Transfer

An agreement between the Southeast Bank Limited and the NENO LLC. of the United States was signed on Thursday for international money transfer system enabling remitters in the USA to transfer money to a beneficiary in any destination outside the USA.

The agreement provides NENO, LLC. operating as NENO MoneyOrder under the foreign money transmitter license from the New Jersey of the USA.

Following the agreement, it would increase the flow of remittance through official channel from the expatriates Bangladeshis living in the USA and ensure fast delivery system to beneficiaries within 48-hours.

The signing ceremony held at a local hotel was attended by First Secretary of the US Embassy in Bangladesh Cleveland L. Charles and the senior Executives of the Southeast Bank and representatives of the NENO, LLC.

Speaking on the occasion Cleveland L. Charles, First Secretary, Chief of the Economic and Commercial Section, US Embassy Dhaka congratulated the Finance Ministry and the Bangladesh Bank on giving permission to a private non banking financial institution to take over the responsibility of doing international money transfer system despite various hurdles.

Bishop Theotonius Gomes C.S.C., Auxiliary Bishop of Dhaka Diocese also spoke on the occasion. Bishop wishes the success of this venture and said that this is a good time for Neno, LLC. and the Southeast Bank to do business together.

Earlier, Syed Abu Naser Bukhtear Ahmed President and Managing Director of the Southeast Bank Limited said that the agreement would result in increasing confidence in the government and strengthening of money laundering law in the country for the growth in remittance earning and manpower export.

Representatives of the NENO, LLC. Norbert G Mendes and Senior Vice President of Southeast Bank Limited Syed Imtiaz Hasib signed the agreement on behalf of their respective sides.

The signing ceremony was attended, among others, by the Chairman of the Bank Ragib Ali, founder Chairman of the Bank M A Kashem, Vice Chairman Azimuddin Ahmed, Chairman & Managing Director of ENEM-OMNI Companies Neo G Mendes, Aftabul Islam President of the American Chamber of Commerce and the Senior Executives of the Bank and ENEM-OMNI Companies.

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