Bahrain 9 September, 2007:Euronet Middle East (ENME), a leading financial outsourcing services provider in the Middle East and North Africa region, announced today that it has signed debit card and ATM management contracts with eleven clients in the region, this includes large multinational banks such as Standard Chartered and Barclays Bank in addition to regional financial institutions including Al Salam Bank, Bahrain Islamic Bank, Mashreq bank and Arab Banking Corporation Group.

“We went live with our first client in February 2006 and since then Euronet Middle East has signed eleven bank customers, seven of which are already live for ATM switching, driving and debit card management,” said Mr. Mohamed Mousa, General Manager, Euronet Middle East. “Euronet Middle East is processing 7 million transactions per year, providing gateway services to Visa and MasterCard, and connectivity to local switches in six different countries including UAE, Bahrain, Qatar, Jordan, Egypt and Algeria. This is a remarkable expansion and success story for a company that was established in the Kingdom of Bahrain just over one year ago with clients across the region.”

Euronet Middle East offers unsurpassed outsourcing capabilities to banks and financial institutions across the Middle East, North Africa and Pakistan. Based in the Kingdom of Bahrain, Euronet Middle East currently provides clients with debit card and ATM management outsourcing services, chip card issuing services, and gateway services to Visa/MasterCard and National switches, network management and monitoring, security, cash forecasting, help desk and full reconciliation and settlement services. The company also provides value added services including bill payment and GSM top-up transactions, among others.

Mr. Mousa added, “Currently Euronet Middle East has more than 250 ATMs, and more than 350,000 debit cards under contract and we will continue to develop new relationships with clients to process debit cards and ATM management. In parallel, Euronet Middle East will enhance its service proposition and provide value added services such as POS management, electronic consumer money transfer, bill payment services and GSM top-up transactions to our existing clients. Euronet Middle East is forecasting a 50% increase in business per year for the next three years, however, it’s possible that this growth target will be exceeded given the demand we have already experienced in the region. More regional banks and card companies are realising that keeping up with the rapid pace of technological change is not a core competency and are turning to outsourcing as a solution.”