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London, UK, 16 February 2001 - Rolfe & Nolan has announced that Erste Bank der Osterreichen Sparkassen AG ("Erste"), the largest Austrian bank and leading retail bank in Central and Eastern Europe, is renewing its in-house licence for the back office system (RANsys).

Erste leads the Austrian futures and options clearing business both in terms of market share and excellence of service and combines this outstanding position with its traditionally strong stance in the custody business. The bank which has been using the Rolfe & Nolan system for ten years, recently undertook a comparative review of other back office systems but opted to renew its licence with Rolfe and Nolan for a further three years.

Commenting on the agreement, Hannes Waclavsky, Head of Custody Services and Derivatives Operations for Erste said, "The Rolfe & Nolan system has proved to be one of the most stable applications and our decision to continue using Rolfe & Nolan is due to the product's wide range of functionality and robustness. Furthermore, we have built up a very strong relationship with
Rolfe & Nolan over the years and find their service infrastructure is unrivalled."

Robert Freeman, Commercial Director for Rolfe & Nolan added, "We are delighted to be able to continue our relationship with Erste and hope that it remains an ongoing one. The important position Erste holds in the market and its continuous record of high service quality makes it a very valuable client. We invest a lot of time and effort into building strong relationships with our clients, which is demonstrated by this repeat business."

Rolfe & Nolan's current product strategy focuses on component redevelopment. This will allow Erste and other Rolfe & Nolan clients independence of hardware platform over the medium term.

For further information contact:
Alima Atta or Emma Twyman
Anderson Soames Communications
Tel: 020 8614 9000
Fax: 020 8614 9001
Email: [email protected] or [email protected]

Kirsty Lowe
Marketing Communications Manager, Rolfe & Nolan
Tel: 020 7374 4841.
Fax: 020 7374 0732
Email: [email protected]