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PIA Press Release

Land Bank forges agreement with Saudi Bank

by Prix D Banzon

Davao City (16 October) -- The Land Bank of the Philippines with its desire to widen its services to overseas Filipino workers (OFWs) has forged an agreement with Al Rajhi Bank in Saudi Arabia.

The LANDBANK entered a remittance tie-up program with the Al Rajhi Bank to address the fund transfer needs of some one million OFWs as well as Filipino expatriates in the Kingdom of Saudi Arabia.

In a press statement, the Land Bank said that 10 percent of them (OFWs and Filipino expatriates) including their beneficiaries have LANDBANK on-line peso savings accounts in the Philippines.

The Al Rajhi is the largest Islamic bank in the Arab world with 400 branches for men, 100 branches for ladies, and 1,600 ATMs all over the Kingdom.

The Tahweel Al Rajhi is the remittance wind of Al Rajhi Bank with 120 remittance centers scattered around Saudi Arabia an with head office in Riyahd.

Tahweel Al Rajhi has some 50 Filipino staff that assists OFWs in their remittance transactions.

LANDBANK has designated Richmond Lagrito as the overseas representative officer for Saudi Arabia; Lagrito holds a desk office in Riyadh.

The recent launching of LANDBANK's OFW Cash Card and the eventual incorporation with the remittance agreement with Al Rajhi Bank will further benefit the OFWs and their beneficiaries through faster delivery and credit of incoming funds to their LBP savings accounts.

The Landbank-Al Rajhi Bank MOA signing was held at LBP's main office in Malate, Manila with the Saudi based bank officers present namely Abdulazziz M. Al Sedeas, head of Tahweel Al Rajhi and Iqbal Ahmed, relationship manager for Asia and the Far East. The LandBank officials present were Alfonso B. Cruz, Jr., SEVP for Institutional Banking and Subsidiaries Sector, Cecilia C. Borromeo, SVP for Account Management and Glocal Banking, Carolyn I. Olfindo, Overseas Support Unit head and Thelma S. Bentulan, Middle East local desk officer.

Meanwhile the LANDBANK is also finalizing a similar partnership with Al Rajhi Bank in Malaysia. (PIA XI) [top]

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