| Payment Exchange is pleased to announce the closing of a deal with Bank One: both parties have |
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jointly signed an Agreement which officially designates Payment Exchange as the bank's Processor. |
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| Bank One is slowly but surely marking the banking space in Mauritius. Acknowledging that today |
| banks have to provide significant value add in order to maintain a competitive edge, the bank |
| plans to issue credit cards to its customers in the third quarter of 2009. To achieve this,Ba |
| nk One has made the smart move of outsourcing its card operations to Payment Exchan |
| ge. Bank One was represented by Raj Dussoye,Chief Executive Officer and Dhinoo Vee |
| rasawmy, Chief Operating Officer, whereas on PEX side ,Dhaneshwar Damry,Chair |
| man, and Sailesh Sewpaul, Chief Executive, signed the contract. |
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| Formerly known as First City Bank Ltd, the bank changed hands on the 22nd |
| February 2008,when CIEL Investments Limited(one of the leading financial |
| groups in Mauritius) and I&M Bank Limited (one of the leading banking |
| institutions from Kenya) jointly acquired the First City Bank Ltd on a 50 |
| - 50 shareholding basis. Bank One has a clientele base of over 370 |
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00 The bank presently offers International Cirrus/Maestro Debit ca |
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rds and has a local network of 14 ATMs, which it plans to incre. |
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PEX already powers Bank One's existing Credit Card family. By availing of the services and EMV infrastructure of PEX, Bank One has the
catalysed the launch of this additional product after a relatively short time lapse.
innovative product in the market.
