South Africa's First National Bank has signed an extension of its cheque-printing contract with De La Rue to 2007. The cheques will be printed at the company's brand new R43 million facility near Johannesburg, which opened last June.
The new contract confirms a productive and successful relationship between FNB and De La Rue which began two years ago when the first cheque-printing contract was awarded. The bank has already substantially reduced its losses due to cheque fraud since the introduction of the high security cheques, which contain a number of public recognition features, and which are effectively sophisticated documents of exchange.
"We researched cheque suppliers worldwide, and one name stood out - De La Rue," says FNB operations chief, Leonie Van Tonder. "The company offered unique security features and an innovative approach to finding solutions with clients. We are delighted with the security features on the cheques, and with the rigorous control of printing and distribution."
In addition, FNB has agreed for the first time to pay De La Rue in rand. This has helped FNB to reduce its costs, which has partly contributed to them becoming the first bank in South Africa not to charge customers for chequebooks, giving them a useful competitive edge.
Ian Richter, managing director of De La Rue in South Africa, comments, "We consider ourselves not just as a supplier but as a business partner.
"We are actively involved at the moment with fulfilling the requirements of the new Black Economic Empowerment law here, and are in ongoing discussions with various parties to find a business partner who will take up to 26% of the company's equity. This, and the significant investment we have made in the new factory, underlines the commitment De La Rue has to South Africa."
For more information contact Ian Richter, De La Rue SA, 011 322 4300.
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