Emirates Group security services provider Transguard has signed an agreement with Emirates Bank International under which Transguard will provide cash collection and cash processing services to the bank.

"I am pleased to sign this agreement with Emirates Bank International, a major new customer for Transguard's Currency Management Centre. It is an endorsement of the efficient cash processing services that are now provided in Dubai," said chairman of Emirates Shaikh Ahmed bin Saeed Al Maktoum.

Anis Al Jallaf, managing director and chief executive officer of the Emirates Bank Group, who signed the agreement on behalf of his organisation, described Transguard as the leading security firm in the region and that working with it was a natural choice. "Our association reflects Emirates Bank's confidence in Transguard's services, and reiterates our commitment to reinforce the strong and very well-established relationship between Emirates Bank and the Emirates Group," he added.

Transguard will make collections from the bank's corporate customers and transport the cash, using its specialised armoured vehicles, to the new Currency Management Centre at the Freezone Logistics Centre in the Dubai Airport Free Zone. There the cash will be processed according to UAE Central Bank specifications.

Cash processing involves sorting bank notes according to denomination and quality, and packaging them so that they can be recirculated. Transguard's state-of-the-art processing equipment is much faster and therefore more efficient than traditional sorting by hand.

Emirates Bank Group is a leading financial services conglomerate in the UAE offering a comprehensive range of financial products and services. The group provides corporate, commercial, investment, retail and Internet banking services. It also offers property development and management, insurance, card processing and executive development and training services. It is also the exclusive issuer and acquirer of Diners Cub cards in the UAE.