First Data extends processing contract with Dresdner Bank to 2012

Global electronic commerce and payment solutions company First Data International has extended its credit card processing contract with Dresdner Bank, a unit of the Allianz Group, for a further five years. As a result, First Data will continue to process transactions for the German banking group until at least 2012.

The portfolio comprises all Dresdner Bank's classic, gold and business cards as well as co-branding cards with Allianz. The bank's card strategy focuses on the introduction of innovative products, for example its credit card with a fuel bonus, and sustainable growth through further expansion of the credit card portfolio. The processing contract with the payments giant was first signed in 1999. The extension of the contract will position First Data to support the bank as it expands internationally. Norbert Pawlowski, managing director of First Data's operations in Germany, commented: We are very pleased that Dresdner Bank has recognized the benefits of our positive working relationship. The renewal of our contract with such an important client in the German market provides the best proof of the reliability and quality of our services. We are now looking forward to also making an important contribution to the international expansion of Dresdner Bank.