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BAIDURI BANK INVESTS IN B$5 MILLION FLEXCUBE CORE BANKING SYSTEM
9 July 2003

Baiduri Bank today announced that it has selected FLEXCUBE, from i-flex solutions, as its new core banking system. i-flex solutions is a leading provider of technology solutions to the financial services industry worldwide.

FLEXCUBE will provide the technology platform for Baiduri Bank, thus enabling it to ramp up Retail Banking operations while consolidating its Corporate Banking functions.

The commencement of FLEXCUBE implementation was signalled through a signing ceremony held at the Empire Hotel & Country Club. The function was attended by Yang Mulia Dato Paduka Awg Hj Yakub bin Abu Bakar, Deputy Minister of Finance. Also present were members of the diplomatic community and representatives of leading Bruneian companies involved in the implementation.

“Our vision is to be a bank that provides innovative products and services to our discerning customers leveraging on technology. With the implementation of FLEXCUBE, our customers can expect new and inventive products, as well as higher services level”, said Pierre Imhof, General Manager of Baiduri Bank. The bank has chosen FLEXCUBE because of its rich retail functionality along with the ability to handle corporate banking, treasury and other services, he said.

“We are proud to partner with Baiduri Bank. It has the track record of being a pioneer in providing progressive financial services in Brunei. We are confident that FLEXCUBE will enable the bank to grow and consolidate its market position further,” said Deepak Ghaisas, CEO India Operations and CFO, i-flex solutions.

“FLEXCUBE’s customer centric architecture will enable the bank to roll out new retail and corporate products in the shortest possible time,” said Mr Ghaisas.

Baiduri Bank has pioneered various financial products and services in Brunei such as 7 days-a-week in-store banking, VISA Electron debit card, corporate ATM card, mobile-banking, personal and business Internet-banking, and the latest Baiduri MTV card, amongst others. It was awarded the prestigious ‘Bank of the Year’ Award for 2002 by The Banker magazine, U.K. FLEXCUBE is the No.1 selling banking solution in the world according to the sales league tables published by the independent British research organisation International Banking Systems (IBS-UK).

FLEXCUBE enables banks to reduce operating costs while increasing delivery channels and customer satisfaction levels. Some of the leading banks and Financial Institutions around the world have chosen FLEXCUBE including, Citibank, Development Bank of Singapore (DBS) UBS Warburg and Shinsei Bank, Japan.

About Baiduri Bank

Baiduri Bank is a member company of Baiduri Bank Group, one of the largest providers of financial products and services in Negara Brunei Darussalam. Established in 1994, the Bank’s shareholders include Baiduri Holdings, Royal Brunei Airlines, Royal Brunei Technical Services and BNP Paribas.With a combination of strong local commitment and global expertise, the Bank has been acknowledged as one of the leading banks in the country with a track record of financial innovations and pioneering activities.

With a network of 9 branches and 12 ATMs nation-wide, the Bank enjoys a sizeable market share in retail lending and savings, corporate banking and credit card business.Baiduri Bank is the first in Brunei to introduce 7 days-a-week in-store banking, personal and business internet banking, mobile banking, corporate ATM card, the internationally accepted Visa Electron debit card, MasterCard Electronic™ prepaid cashcard and the MTV Card.

The Bank achieved a business milestone in 2002 when it attained the prestigious “Bank of the Year” award from the Banker’s Magazine, UK. Recently, the bank has invested in the multi-million FLEXCUBE banking system to support its expanding service delivery channels. With a solid resource base and strong commitment to excellence, the Bank expects continuous growth and superior financial performance in the years ahead .

About i-flex solutions

i-flex solutions (Reuters: IFLX.BO & IFLX.NS) is a leading provider of information technology solutions to the financial services industry worldwide through a comprehensive range of products and customised service offerings.

i-flex enables financial institutions to reduce costs, respond rapidly to market needs, enhance customer service levels, and mitigate risk, through its suite of proven products and services.i-flex has provided IT solutions and services to more than 390 customers in 89 countries.

i-flex has over 2,200 employees, with 10 development centres in India, Singapore and New York. The company has strong reach, with sales, marketing and support presence covering over 17 overseas locations including 3 subsidiaries (US, Netherlands, and Singapore). In addition, i-flex is represented in over 50 countries through more than 30 corporate business partners. i-flex also has strong alliance and implementation relationships with industry leaders Hewlett Packard, IBM, Intel, Microsoft, Oracle, and Sun Microsystems.

i-flex has a strong customer presence in the Asia-Pacific region. Leading Financial Institutions using i-flex’s product and services include DBS Singapore, UBS Warburg, Affin Bank in Malaysia, Citibank across Asia-Pacific, Rabobank Shanghai and Toronto Dominion bank in Hong Kong. In Japan the customers are Shinsei Bank and Nikko CitiTrust.

 
 
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