Standard Chartered Bank Bahrain Migrates from Magnetic Stripe to EMV Chip Technology

Major milestone in launching chip card infrastructure Optimal level of security and peace of mind for customers

Manama, 8 July 2009- Standard Chartered Bank Bahrain today announced that the bank has successfully rolled out a fully operational Debit and Credit card - (EMV) chip card infrastructure inline with the requirements of the Central Bank of Bahrain.

EMV is the global standard for chip card based payment transactions. Chip cards offer new payment options and services, greater security and more convenience and choice compared to the traditional magnetic stripe cards. The chip cards would require customers to use their PIN numbers for both debit and credit cards. This will further ensure the security of the cards.

Jonathan Morris, Chief Executive Officer Standard Chartered Bank Bahrain said: "Standard Chartered Bank is proud that we are meeting the Central Bank's requirement to migrate to the EMV chip card infrastructure in a timely manner. EMV chip technology is a key platform for the global payment industry, and this is a significant milestone for Standard Chartered in our overall migration from magnetic stripe cards to EMV chip cards.

"This is certainly an exciting development for our acquiring and issuing services. Merchants using the new EMV terminals will benefit from additional chip functionality, as well as EMV's added security and protection as chip cards are rolled out locally and globally.

"In Bahrain, we have started rolling out the EMV chip cards for Debit as well as our Credit Card customers and we look forward to gradually migrating the entire Debit and Credit card portfolio to EMV chip over the next three months."

EMV chip cards not only provide the highest available level of payment card security, they are also the most versatile payment tool available because banks can combine different functions on a single chip to meet consumers' various needs.

B. Chandrasekhar, Regional Head Consumer Banking Northern Gulf, Levant and Oman added "Whilst we have already upgraded our ATMs to accept and process EMV compliant chip cards, migrating all our Debit and Credit cards to EMV chip cards is the next step towards improving security. Customers will be delighted to know that there will not be any interruption to their card usage or standing instructions with the deactivation of the magnetic-stripe card. Further, the EMV chip Debit and Credit card comes with complex encryption locks and keys to help reduce the possibility of fraud.

"Customers will be able to use the same PIN number for their debit cards where as for the credit cards, customers will be provided with a new security PIN number with their new chip credit cards. The migration is a strategy to constantly enhance and upgrade our product offering in order to meet industry's highest standards and better respond to customers' expectations and concerns."

"Customers are encouraged to visit our nearest branch and update their contact details at the earliest, so they can avail of our new generation chip enabled Credit and Debit card which the bank will mail directly to them between July 2009 through September 2009."

For more information, please contact 17 531532 or visit our nearest branch.

For further information, please contact:

Nimmi Kamal
Head Corporate Affairs Bahrain, Standard Chartered Bank
Tel: +973 3977 076
E-mail: Nimmi.Kamal@sc.com

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.

Standard Chartered aspires to be the best international bank in its markets through leading by example to be the right partner for its stakeholders. The group now employs 73,000 people, representing 115 nationalities, in more than 1,700 branches and outlets located in over 70 countries. The bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking.

The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. For more information, please visit: www.standardchartered.com