Saudi Hollandi Bank (SHB) is to convert
its credit card portfolio to First Data’s FirstVision
solution.
SHB, the eighth-largest bank in Saudi
Arabia by assets at end-2010, has also renewed its card processing
contract with First Data.
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SHB said that converting to FirstVision
would boost its market reach while maximising flexibility and
operational efficiency
The 43-branch-strong SHB 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.
SHB’s profitability
recovered in 2010, boosted by significantly lower corporate banking
loan impairment charges.
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By GlobalDataMargin pressure remained
a challenge with SHB’s net interest margin falling by 30 basis
points to 2.7%.
Bernd van Linder, managing director, SHB,
said:
“We are pleased to strengthen our
long-term relationship with First Data with this significant
conversion.
“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.”
Brian Quarrie, managing director of First
Data’s business unit in the Middle East, said:
“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,”
