Dubai, United Arab Emirates - Transguard Group, an Emirates Group company, today announced that it has acquired the assets, customers and a majority of the employees of Abu Dhabi-based G4S Cash Services LLC – UAE. The financial terms were not disclosed.
“Since its beginning, Transguard has been a major part of Dubai’s economy and its service offerings have helped the UAE grow,” said His Highness Sheikh Ahmed Bin Saeed Al-Maktoum, Chairman and Chief Executive of Emirates Airline and Group. “Today’s announcement is a reflection of Transguard’s hard work and dedication to continually improving the performance of the country’s cash sector.”
Established in 2001 with four cash vans and a single banking customer, today’s acquisition positions Transguard Cash as the most prolific member of the country’s cash management sector: Under the terms of the agreement, more than 540 employees, 74 cash vans, the Abu Dhabi Cash Centre and all other assets of G4S Cash have been acquired by Transguard.
“The acquisition of G4S Cash will allow Transguard to further drive value for the banking and financial sectors of the UAE by making cash management smarter and more cost effective,” said Dr. Abdulla Al Hashmi, Transguard's Chief Executive Officer.
As of 20th December, Transguard has taken ownership of all business activities of G4S Cash Services, including ATM replenishment, ATM First Line, Cash in Transit, teller services, car park meter services, cash distribution and cash processing, coin processing and ATM residual processing and packing.
“The sale of the UAE cash business is part of the Group’s portfolio management programme announced in 2013,” said G4S regional CEO, Europe and Middle East, Graham Levinsohn. “We have worked closely with Transguard to ensure a smooth transition with no interruption in services to customers. The acquisition will not affect the other services we provide in the UAE.”’
Offering a warm welcome to these new customers and employees is a major priority for Transguard: “We’re taking every opportunity to ensure that all of our customers, not only those we’re acquiring from G4S, have the opportunity to enjoy the Transguard experience of customer service,” says Greg Ward, Transguard’s Managing Director. “Our key focus is on transitioning the new customers into our operations in a seamless manner and providing opportunities to new customers to integrate their current cash services requirements with other Transguard services.”
-Ends-
© Press Release 2018Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
