Arab Banking Corporation signs Multiyear agreement with Euronet Middle East for ATM Driving and Debit cards management services

Manama-Bahrain- March 26, 2007

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.

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.”