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C3 Card

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Edenred Pursues Its Geographic Development by Expanding Into the United Arab Emirates

Dubai, United Arab Emirates, May 14, 2014 --(PR.com)-- Edenred announced today that it has acquired a 50% interest in C3 CARD, a prepaid card company in the United Arab Emirates. With this transaction, Edenred is expanding its operations into the Gulf region and opening a new country market – its 41st to date. The acquisition of C3 CARD also reflects Edenred’s strategic commitment to speeding its development in the expense management market.

A key player in the payroll card market in the United Arab Emirates, C3 CARD manages solutions for more than 2,000 clients (businesses and financial institutions). C3 CARD’s payroll cards offer a simple, secure solution for paying employees who do not have a bank account, while allowing client businesses to comply with the local Wage Protection System[1], which requires wages traceability. Founded in 2007, C3 CARD has enjoyed very fast growth, recording business volume[2] of more than AED 5 billion.

With this transaction, Edenred is expanding into a market with strong growth potential. C3 Card should benefit from the region’s dynamic economic environment – especially in construction, which is the main employer of unbanked workers – as well as from the planned extension of the Wage Protection System across all of the United Arab Emirates. C3 Card also intends to enhance the payroll card’s business model by offering additional services to beneficiaries, while designing new solutions for clients in the areas of expense management and incentive and rewards.

“We are pleased to join in the development of C3 CARD, a pioneer in payroll cards in the United Arab Emirates, and to work with teams who are recognized experts in this area,” commented Bernard Rongvaux, COO Northern Europe, Middle-East and Africa of Edenred. “The acquisition of C3 CARD will also allow us to consider new growth opportunities in this region, in terms of both new solutions and new country markets.”

“This partnership represents an excellent opportunity to combine our local expertise with Edenred’s international know-how,” declared Anas Zaidan the CEO of C3 CARD. “We are convinced that this collaboration will help us grow at a faster pace and diversify our range of solutions,” added Rabih Sfeir, the COO of C3 CARD.

With this move, Edenred is pursuing its strategy of developing expense management solutions, which are targeted[3] to account for over 20% of consolidated issue volume in 2016. The transaction also fits in with the Group’s geographic development plan, which calls for the opening of three new country markets by 20164.

About Edenred

Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and manages solutions that improve the efficiency of organizations and enhance the purchasing power of individuals.

By ensuring that allocated funds are used specifically as intended, these solutions enable companies to more effectively manage their:
· Employee benefits (Ticket Restaurant®, Ticket Alimentación®, Ticket CESU, Childcare Vouchers®, etc.)
· Expense management process (Ticket Car, Ticket Clean Way, Repom, etc.)
· Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)

The Group also supports public institutions in managing their social programs.
Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 41 countries, with more than 6,000 employees, nearly 640,000 companies and public sector clients, 1.4 million affiliated merchants and 40 million beneficiaries. In 2013, total issue volume amounted to €17.1 billion, of which almost 60% was generated in emerging markets.

Ticket Restaurant® and all other tradenames of Edenred programs and services are registered trademarks of Edenred SA.

Press contact
Solene Zammito, Business Development Manager GCC Region – Phone +971 50 220 3844 – solene.zammito@edenred.com

About C3 Card

C3 Card is a prepaid card service provider that offers a range of products and services. C3 Card successfully established itself as the Prepaid Market Leader in the United Arab Emirates and it has now launched similar services in Qatar.

C3 Card offers Payroll Cards, Gift/Incentive Cards and Prepaid Business Cards. Its value-added services include multi-currency products, remittance, cardholder insurance, mobile top-up and local and international utility payments.

In 2013, in efforts to reach out to more markets in the region; C3 Card became part of the Dubai International Financial Center (DIFC) as C3 Card International LTD.

Press contact

Patricia Vega, Marketing Manager - Phone +971 52 874 1845 – patricia.vega@c3card.com

[1] Regulation implemented in 2009 in certain parts of the United Arab Emirates to allow the Central Bank to ensure that wages are effectively paid to unbanked people.

[2] Business volume: total amount loaded on payroll cards.

[3] Objective announced during the Investor Day presentation on November 12, 2013.
Contact Information
C3 Card
Patricia Vega
+971 4435 5616
Contact
www.c3card.com

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