UAE's first account-based money transfer service will provide the bank's customers with access to Western Union's worldwide network

Dubai - UAE, March 22, 2011 - Western Union, (NYSE: WU), a leader in global payment services and Emirates NBD, a leading bank in the region, have signed an agreement to launch Western Union's Account-Based Money Transfer (ABMT) service for the first time in the UAE. This service offering will enable all Emirates NBD account holders to send money domestically and internationally, through all banking channels.

Jean Claude Farah, Western Union's Senior Vice President for the Middle East and Africa said, "Account-Based Money Transfer Service is a key component of Western Union's electronic channels strategy, as we strive to provide more convenient ways of transferring money and further consolidate our market leadership. This alliance with Emirates NBD is a clear example of two leading companies collaborating to meet the fast-evolving needs of consumers for technology-driven innovations and services. Emirates NBD was the first bank in the UAE and the region to introduce internet and mobile phone banking services, making them an ideal choice, as we seek to simplify, diversify and increase accessibility of money transfer services to existing and new consumers."

"Emirates NBD has always ensured its customers are the first to benefit from the latest technological advances and innovations in consumer banking and our alliance with Western Union is the perfect example," said Abdulelah Al Kindy, General Manager Retail Banking, Emirates NBD. "In 2010, remittances reached $440 billion globally1 which represents a six percent increase over the previous year. Of this, UAE remittance formally accounted for $8 billion. This figure reflects the rising demand of this mode of fund transfer, as well as the large multinational population of resident expatriates in the UAE. As the bank with the country's largest customer base, Emirates NBD is always responsive to the needs of its customers, who similarly represent diverse nationalities. The introduction of Western Union account-based money transfer underscores our commitment to provide our customers with a fast, reliable and hassle-free solution to transfer funds to their home countries."

The ABMT service will be available to all Emirates NBD customers through Internet banking facilities and ATM's (more than 700 machines) as well as mobile money transfer. Account holders will be able to send money from their accounts for payout at any Western Union® Agent location in over 200 countries and territories.

This new service will benefit Emirates NBD customers through account-based convenience, quick transfer of money anytime, and cost-effectiveness, and is in line with the bank's strategy to continue offering innovative services that meet the changing needs of their valued customers.

1 World Bank - Migration and Remittances Factbook 2011

-Ends-

About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders.

The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of 445,000 agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit www.westernunion.com.

About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading bank in the region.

Emirates NBD have a leading retail banking franchise in the UAE, with 132 branches, 705 ATMs and SDMs. It is a major player in the UAE corporate banking arena, and has a strong Islamic banking, investment banking, private banking, asset management and brokerage operations. 

The bank has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore. For more information, please visit: www.emiratesnbd.com

For further information, please contact:
Farah Ibrahim
TRACCS
Tel: +9714 3672530
TRACCS 2/7 Media Hotline: +97150 9448389
Email: farah.ibrahim@traccs.net

Rania Chidiac
Director - Corporate Communications - Middle East
Western Union Financial Services
Tel: +9714 391 5230
Email: Rania.Chidiac@westernunion.com

Afaf Jbara / Hassan Al Khuwaildi
Communications
Group Marketing, Emirates NBD
Tel: 971-4-7015305 / 971-4-2092263
Mob: 971 50 8842020 / 971 50 7454454
Email: Afafj@emiratesbank.com / HassanAl@emiratesnbd.com

© Press Release 2011