Transguard, the Emirates Group`s security services provider, recently opened a new currency management centre in the Dubai Airport Free Zone (DAFZ) which has the capability to process one million bank notes per single eight-hour shift.
The Group`s Chairman, HH Sheikh Ahmed bin Saeed Al-Maktoum, signed the agreement on 1st June 2002 with Douglas Dowie, General Manager, National Bank of Dubai.
Sheikh Ahmed said: Transguard provides a range of services to the financial community within the UAE, the most recent of which is the currency management centre.
This new facility provides a vital service to banks and financial houses as Dubai develops further as the financial centre for the region and we are very pleased to welcome the National Bank of Dubai as its first client.
Transguard`s cash handling services to NBD will include the secure transportation of cash between the bank`s branches and its customers, etc. It will also provide a cash replenishment service for its automated teller machines (ATMs) and will process its bank notes, which includes segregating them according to quality, out-sorting counterfeits and packaging.
NBD says it chose Transguard for its cash handling after a careful and comprehensive evaluation. Our partnership with Transguard will enable the bank to focus more on serving our customers` banking requirements, said Mr Dowie. Customers, in turn, can draw on NBD`s experience, coupled with Transguard`s logistics management expertise to better manage their cash movements.
The Transguard Currency Management Centre is receiving queries from GCC countries interested in its cash processing service which would entail the processing of cash inside the secure airport free zone and shipping it to any destination the client requires using the Emirates network.
Photo: Emirates Group`s Chairman, HH Sheikh Ahmed bin Saeed Al-Maktoum, signs an agreement with Douglas Dowie, General Manager, National Bank of Dubai, for the provision of Transguard` cash handling services to the National Bank of Dubai.
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