Federal Bank ties up with LuLu Money

Kerala based commercial lender, Federal Bank entered into a tie up with Abu Dhabi based digital money transfer financial group to cater to its clients in Hong Kong.

Federal Bank announced on Thursday that it has entered into a tie-up with LuLu Money, which is a leading financial services company, to enable instant money transfer to India from Hong Kong.

LuLu Money is part of the Abu Dhabi based LuLu Financial Group, which has operations across ten countries with more than 200 branches worldwide. The company involves latest technology to offer unparalleled user experience to its customers where they can enjoy substantial savings by using this new platform.

With this partnership, Federal Bank’s customers in Hong Kong can send funds at low cost and at real time. Beneficiaries in India can receive money at a cost of HKD 20 per transaction, regardless of the amount being sent.

The Federal Bank is a private commercial lender, headquartered at Aluva in Kerala. The branch network spread over in more than thousand branches in different states of country.

On Friday, the stock of Federal Bank touched intraday high of Rs. 82.75 per share. On Friday, stock closed at Rs. 80.60 per share price on BSE.