First Gulf Bank & Citi Announce Strategic Alliance
Employees of FGB’s Corporate Clients to be issued Prepaid Payroll Cards through Citi® Prepaid Services
Abu Dhabi - October 11, 2010 – First Gulf Bank has today announced details of a strategic alliance with Citi® Prepaid Services, a division of Citi’s Global Transaction Services, to provide Prepaid Payroll Card solutions to FGB’s Corporate Customers in the UAE. The service will be routed as a significant enhancement of FGB’s comprehensive payroll service, "FirstPay".
The arrangement involves issuance of prepaid payroll cards to employees of corporate clients of FGB. The Payroll cards will be regularly loaded with payroll value for each employee and will enable an automated and friendly payroll process that complies with the Wages Protection System (WPS) regulations as stipulated by the Ministry of Labour in the UAE.
"In our continuous pursuit of customer satisfaction, First Gulf Bank has partnered with Citi to offer an innovative platform that delivers a flexible solution designed to meet our objectives of delivering a comprehensive and integrated business solutions to our corporate customers," said Andre Sayegh, Chief Executive Officer, First Gulf Bank.
Mr. Al Sayegh continued, "The product offers an efficient and convenient salary payment mechanism to employees in a secure manner and also complements FGB’s commitment to offering a one-stop-shop payroll management solution."
This strategic alliance between FGB, one of UAE’s world class local banks and Citi, a major international bank, is a significant step towards automating payroll services and ensuring an efficient salary payment process. Furthermore, the partnership will ascertain that a large group of low salaried employees will now become a bankable segment and can further avail the benefits of other banking services and facilities provided by the local financial industry.
Steve Donovan, Head of Global Transaction Services, Middle East & Pakistan said: "As a pioneering delivery platform, Citi® Prepaid Services remains the premier choice for companies initiating payroll, consumer rewards, sales incentives and government benefits. By partnering with First Gulf Bank, which has always been committed to delivering innovative products to clients, Citi aims at becoming a one-stop provider of customized services allowing corporate customers greater flexibility across borders, while facilitating the important objective of reaching the unbanked as stipulated in the WPS. "
As one of the leading banks in the UAE, First Gulf Bank (FGB) has Shareholder Equity of more than AED22 billion making it one of the largest equity based bank in the UAE. Established in 1979 and headquartered in the UAE capital Abu Dhabi, the bank provides financial services in various business and industrial areas with a wide network of branches across the Emirates, in addition to the bank’s entities in Singapore and Qatar Financial Centre. Today, FGB is recognised as a world-class organisation committed to maximising shareholder, customer and employee value as it focuses on delivering banking products and services that meet the Clients’ requirements as well as the dynamic economy, perpetuate progress in the UAE. In line with its commitment to excellence the bank also continues to improve service standards, while simultaneously investing in HR, IT, and communication systems.
About First Gulf Bank Transaction Banking Services
FGB’s Transaction Banking Services provides corporate customers with a single point of access to integrated solutions covering areas such as Cash Management, Liquidity Management, FX & Trade Finance. By integrating the delivery of closely related services, FGB’s platforms and customized offerings improve visibility, resulting in greater control therefore supporting reliable risk management and increased profitability. Being a local Abu Dhabi based bank, FGB’s experience in the local market coupled the ability to provide global solutions through correspondent network enables the bank to offer a comprehensive range of transaction banking products and services. FGB’s innovative product suite is aimed towards maximization of customer resources while providing value added services and solutions to meet client needs.
FirstPay, one of the most comprehensive payroll management offerings in the local market supports processing and payment of salaries and wages by consolidation of payroll thru multiple channels like accounts, payroll cards and cash services. This unique service is fully compliant with the requirements of WPS as governed by Ministry of Labor from "Bank of Employer" and "Agent" perspective. FGB understands the sensitivities surrounding payroll processing and has applied its core strengths in creating a value added offering to address all these needs. FirstPay aims to provide corporate customers with a fast and efficient delivery mechanism that enhances efficiencies by providing better reconciliation & control and reducing operating and administrative costs.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2010, it held on average $320 billion in liability balances and $11.3 trillion in assets under custody. For more information on Citi’s Global Transaction Services, visit www.transactionservices.citigroup.com/transactionservices/home/