UAE Exchange, a global remittance and foreign exchange (FX) business, has named Promoth Manghat as its newest Chief Executive, along with a series of changes to its board, according to a UAE statement.
Mr. Manghat has been promoted to the role of Chief Executive, following a stint as UAE Exchange’s Deputy Chief Executive. In his new role he will help foster continued growth for the exchange across its regional and global business operations. He first joined UAE Exchange back in 2001, having since helped in various accounting, finance, and most recently executive level roles.
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Additionally, the UAE Exchange has tapped founder Bavaguthu Raghuram Shetty as its Chairman of the Board with immediate effect. The board has also been shuffled, culminating in the appointment of Nabeel Abdul Rahman as its Vice-Chairman. Mr. Rahman joins UAE Exchange from KBBO Group, having previously served as its Chief Executive.
UAE Exchange is an Abu Dhabi-based group that deals principally in remittance, currency exchange, and bill payment solutions. Earlier this year, UAE Exchange made headlines after merging with FX firm Travelex, following a sale of $1.2 billion in January. Prior to the acquisition, Travelex was one of the largest FX units, which helped diversify the growth trajectory of the now consolidated UAE Exchange group.