ABN AMRO, the leading international bank in the UAE, today announced the official launch of its new Salary Card designed to provide customers greater convenience making all salary transfers simple and easy. The Salary Card complements the existing payroll package offered by the bank to its customers. During the launch ceremony, Karim Beg, Head of Marketing, Consumer Banking, ABN AMRO, said: "ABN AMRO now offers one of the most comprehensive payroll solutions in the market addressing the needs of all types of companies and employees in all income segments."
The innovative new product makes banking easier, offering a host of benefits and features. Cardholders can use the Salary Card to pay for purchases at millions of establishments worldwide or to withdraw cash at thousands of ATM's in the UAE and worldwide. Cardholders are also offered a free overdraft limit of AED 99, which enables them to withdraw their complete salaries through ATMs.
With no minimum or maximum salary requirement to qualify for a Salary Card, employees now have the option to either apply for a salary account or for a Salary Card.
The new card is most suitable for those companies that pay salaries to their employees in cash. Employers can save on the trouble of withdrawing and handling cash and the additional accounting required for cash transactions. Employees on the other hand can benefit with the secure and convenient option of receiving salaries directly on the Salary Card.
"The Salary Card offers an affordable banking solution to the employees in the low-income segment who in the past could not afford to maintain a banking relationship. ABN AMRO is delighted to be able to offer banking services to such individuals," said Karim.
Sameer Govil, Area Manger of VISA International, Middle East, said: "The ABN AMRO Visa Salary Card is a great example of the benefits that Visa brings: staff who were previously excluded will be brought into the banking system, employers will benefit from economies of scale and efficiencies, while electronic payment systems will bring greater security, convenience and flexibility than cash. It really is a win-win for all parties. We are pleased to extend our partnership with ABN AMRO with this innovation, and enable the bank to help its customers with Visa's world-leading technology."
"A number of companies were dissatisfied with their existing payroll arrangements since most banks were only willing to open salary accounts for employees in the higher income segment. This had left companies with a fragmented payroll operation. The new Salary Card from ABN AMRO will provide companies a one-stop shop for all their payroll needs," said Sachin Bountra, Vice President, Cards.
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About the company:
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 742.9 bln (as at 31 March 2005). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 97,000 full-time equivalents worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges.
ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients in three home markets - the Netherlands, the US Midwest and Brazil and in a number of selected growth markets. Private Clients & Asset Management provides private banking services to wealthy clients and investment products to financial intermediaries and institutional clients.
For further information, please call:
Pooja Rajani
Head of PR and Communications
Dubai
Tel: 5062636
Jaya Joshi
Bates Pan Gulf
Tel: 04 2953456
E-mail: jaya@batespangulf.com
© Press Release 2005
