Under the agreement, Euronet Middle East will manage the issuing and processing of the bank's debit cards portfolio, drive its ATM installed base, and provide gateway services to local and international networks. The agreement includes comprehensive maintenance, network management and monitoring, security, reconciliation, settlement, and help desk services
On behalf of the ABC Group, Mr. Sethu Venkateswaran, ABC Head of Group Retail Banking, said: 'The signing of this agreement is an important step that underlines our continuous commitment to provide clients with the best, fast and reliable electronic banking products and delivery channels. It also clearly indicates the bank's policy to outsource specialised technical services wherever possible, to enable the bank's resources to focus on its core banking business activities and to better serve clients."
Euronet Middle East, General Manager, Mr. Mohamed Mousa said, "The fact that the ABC Group chooses to use Euronet Middle East Services across its countries makes us very proud as it clearly demonstrates the successful growth of Euronet Middle East and its regional strength as a leading provider of ATM and debit cards outsourcing services within the whole Middle East."
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Arab Banking Corporation signs Multiyear agreement with Euronet Middle East
- Bahrain: Sunday, March 25 - 2007 at 13:39
- PRESS RELEASE
Arab Banking Corporation (ABC), a leading bank in the Middle East and North Africa announced the signing of a multiyear agreement with Euronet Middle East (ENME), a prominent electronic payments provider, to drive its ATMs and debit cards management in all countries where it has retail operations.
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About Arab Banking CorporationArab Banking Corporation was incorporated as a Bahrain joint stock company in 1980 by Amiri decree in the Kingdom of Bahrain. ABC's principal shareholders are the Kuwait Investment Authority, the Central Bank of Libya and the Abu Dhabi Investment Authority. ABC is listed on the Bahrain stock exchange.
The ABC Group provides a full range of retail and commercial banking, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the markets in which it offers those services.
ABC's strategy of diversified growth led to the development of its widespread network (the "ABC Group") of branches, representative offices, subsidiaries and affiliates in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, New York, Singapore, Tripoli, Tunis, Algiers, Egypt, Bahrain, Beirut, Abu Dhabi, Tehran, Amman and Baghdad. 1
ABC has retail banking operations in Egypt, Jordan, Algeria and Tunis.
About Euronet Middle East
Euronet Middle East is a Joint Venture between Euronet Worldwide and Arab Financial Services (AFS) and it provides financial institutions with debit card management and operational services, ATM and POS outsourcing services, Chip card issuing services, and Gateway services to Visa/MasterCard and National switches.
The Company also provides value added services including bill payment and GSM top-up transactions, among others. Euronet Middle East is providing its services through its new state-of-the-art processing centre in Bahrain utilizing Euronet's core software product, integrated Transaction Management (ITM), which currently drives Euronet's processing centres in Europe and Asia Pacific.
For more information please visit www.euronetmiddleeast.com
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, March 25 - 2007 at 13:39 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sat Mar 31 2007.
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