DUBAI, March 14, 2011 – First Data Corporation , a global leader in electronic commerce and payment processing, today announced that Saudi Hollandi Bank, a leading bank in the Kingdom of Saudi Arabia, has chosen to convert its credit card portfolio to First Data's FirstVision TM solution. The conversion is underpinned by the renewal of First Data's processing contract with Saudi Hollandi Bank which cements a formal extension of the relationship between the two parties.
Converting to FirstVision sets the stage for the bank to broaden its market reach whilst maximizing flexibility and operational efficiency. As a result of the agreement, Saudi Hollandi Bank will benefit from FirstVision's highly flexible processing capabilities, covering multiple products and channels. The bank will also gain access to a fully integrated suite of value added services that will support its customer acquisition, customer service and risk and compliance management programmes. All operational and client support services will be provided from First Data's offices in Dubai.
"We are pleased to strengthen our long-term relationship with First Data with this significant conversion," said Dr. Bernd van Linder, managing director, Saudi Hollandi Bank. "We firmly believe that FirstVision will further enable Saudi Hollandi Bank to expand its range of credit cards and deliver a more robust, scalable and flexible cards processing solution. As we continue to grow, First Data's track record gives us the confidence of a seamless migration while maintaining exceptional client service support, allowing us to focus on what we do best – growing our portfolio and servicing our clients."
"More and more firms in the region are recognising the benefits of outsourcing their card processing to First Data, not only as a means of gaining efficiencies, but as a way to build an operational environment that can help attract additional opportunities," said Brian Quarrie, managing director of First Data's business in the Middle East. "At First Data, we spend a tremendous amount of time and resources ensuring our platform and our processes provide the integration and the scalability that our clients need to succeed in today's ever-changing business and regulatory landscape. Saudi Hollandi Bank is in strong growth mode and we are excited to help them achieve their business goals and serve their clients better now and in the future."
From data centres in Argentina, China and Germany, FirstVision today supports customers across Latin America, Europe, the Middle East and Asia with a single solution that delivers consistent functionality and technology in support of banks and major retailers around the world.
About Saudi Hollandi Bank
Saudi Hollandi Bank, the first operating bank in the Kingdom of Saudi Arabia, was founded in 1926. Originally it was known as 'The Netherlands Trading Society', and operated out of one office in Jeddah. Its main business at the time was providing financial services to Haj pilgrims from Indonesia. In 1954 the Netherlands Trading Society expanded its operations in the Kingdom by opening two additional branches in Al Khobar and Dammam in the Eastern Province. In 1969, ABN Bank was one of the first foreign banks to implement the Saudization initiatives set forth by the Saudi Arabian Monetary Agency (SAMA) and became the model for other foreign banks in the Kingdom. In 1977 Saudi Hollandi Bank was established as a joint-venture company with a paid-up capital of SAR 35 million. The branch network was expanded to include Riyadh, Jubail, Makkah, Hofuf, Madinah, Qatif and other regions.
Over the ensuing years the bank continued to expand and develop, introducing a number of technical innovations in banking and expanding both its range of products and services and its customer base. In 2006, the bank celebrated 80 years of providing loyal service to the citizens of Saudi Arabia. In 2009, the bank opened its new operations center Al Waha, which houses the bank's centralised operations functions as well as the SHB Academy. Also in 2009, SHB was the first bank in the Kingdom to deploy automated Teller Cash Recycling machines (TCR), which were introduced to enhance an open branch concept that allows a more direct and friendly contact between the bank's employees and customers.
At the end of June 2010, the bank's paid-up capital amounted to SAR 3,307 million. Saudi Hollandi Bank employs 1,447 employees with a Saudization ratio of over 87.42% and operates 43 branches, 12 Ladies Sections, 30 Preferred Banking Centres and 229 ATMs providing banking services throughout the Kingdom.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Mohammed Al-Muwannas, Saudi Hollandi Bank
+9661 276 7228 extension 242
Sunayana Kripalani, First Data