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Westpac Changes Cash Movers

PRESS RELEASE
FOR IMMEDIATE RELEASE

12 December 2008

Westpac Changes Cash Movers

Australia’s leading currency management company Armaguard (ACM) has reached agreement with Westpac to provide its services throughout New Zealand.

ACM Managing Director, Keith Broadhouse said “We will bring our full range of currency management services to New Zealand, including our end-to-end ATM service offer.”

ACM commences as Westpac’s cash in transit and ATM service provider mid 2009 after a thorough review of cash management by the bank. “A significant factor in our selection of ACM was their demonstrated expertise in the Australian cash market and the range of new services they have available for both us and our business customers” said Mark Fahey, Westpac’s Head of Currency and Payment Services.

New state-of-the-art cash processing facilities will be built in New Zealand by ACM. The significant investment by ACM will also include recruiting a New Zealand account management and operations team.

ACM supplies more than 70% of the Australian market and has taken the traditional ‘cash in transit’ service to an advanced level. “We have focused our business to minimize the overall cost of cash for our customers, rather than just providing cash in transit services,” Mr. Broadhouse said. This has meant providing cash forecasting, processing and logistics in a system of integrated processes to reduce the cost of cash management for banks and retailers.

In addition to financial institutions, ACM will offer its currency management systems to other businesses which use cash. Mr. Broadhouse added “The cash supply chain services and overall cost savings provided by ACM will add significant value to retailers and financial institutions.”

ENDS

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