TRANSGUARD & Emirates Bank Group JOIN HANDS

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates, has signed an agreement between Transguard, the Emirates Group's security services provider, and Emirates Bank Group. Mr Anis Al Jallaf, Managing Director and Chief Executive Officer of Emirates Bank Group, signed the agreement on behalf of the bank.

Under the agreement, Transguard will provide cash collection and cash processing services to the bank. Sheikh Ahmed said: "I am pleased to sign this agreement with Emirates Bank, a major new customer for Transguard's Currency Management Centre. It is an endorsement of the efficient cash processing services that are now provided in Dubai."

Mr Al Jallaf said: "We look forward to working with Transguard the leading security firm in the region. Emirates Bank is one of the most reputable financial institutions in the region and working with Transguard is a natural choice. Our association reflects Emirates Bank confidence in Transguard's services, and reiterates our commitment to reinforce the strong and very well established relationship between Emirates Bank and the Emirates Group."

Transguard will make cash collections from the bank's corporate customers and transport the cash, using its specialised armoured vehicles, to the new Currency management Centre at the Freezone Logistics Centre in the Dubai Airport Free Zone. There, the cash will be processed according to UAE Central Bank specifications.

Cash processing involves sorting bank notes according to denomination and quality and packaging them so that they can be recirculated.Transguard's state-of-the-art processing equipment is much faster and therefore more efficient than traditional sorting by hand.

Emirates Bank Group is a leading financial services conglomerate in the UAE offering a comprehensive range of financial products and services. The Group provides corporate, commercial, investment, retail and internet banking services. It also offers property development and management, insurance, card processing and executive development and training services. It is also the exclusive issuer and acquirer of Diners Club Cards in the UAE.

The Transguard Currency Management Centre was officially opened by Sheikh Ahmed in May this year, to provide a range of services of international standard to local and international banks and financial houses, thus contributing to the development of Dubai as a financial centre.

Reported by: Emirates Bank Group
Reported on: 28.10.2002

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