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Indover bank improves quality and efficiency with integrated solution from i-flex solutions on IBM infrastructure

Amsterdam, Netherlands, April 15, 2004: i-flex solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of information technology solutions to the financial services industry worldwide, today announced that Indover bank (N.V. De Indonesische Overzeese Bank) has selected FLEXCUBE, i-flex's core banking and FLEXCUBE @ i-flex's Internet banking solution. The contract between Indover bank and i-flex solutions was signed at the bank's office in Amsterdam, in the presence of IBM.

With FLEXCUBE, Indover bank will run its operations in Amsterdam, Germany, Hong Kong, Singapore and Indonesia. Indover bank has also chosen i-flex's Reveleus Business Intelligence Solution as an integrated data warehouse for Risk Management, Customer Relationship Management, Asset and Liability Management and Basel II.

IBM will deliver and implement the complete underlying infrastructure in line with the recently signed Strategic Alliance between both parties. The alliance offers banks an open and modern platform that supports them in optimizing the operational efficiency and decreasing costs.

Mr. D. van Leeuwen RA, General Manager Indover bank group, says "We have chosen i-flex on the basis of the superior integrated functionality of FLEXCUBE, the efficient support and feedback during the investigation phase, the competitive pricing structure and the impressive commercial track record of i-flex.

The new FLEXCUBE core banking system will further support our strategy to be a wholesale niche bank and to be the Bridge bank between East Asia and Europe. Especially the state-of-the-art corporate and trade finance Internet banking functionality will add more value for our clients. We expect to generate more business in this area because of our very competitive position amongst peers."

Mr. J.L.M. de Goede RA, Vice President and Project Manager at Indover bank group, adds, "The time-to-market cycle for new products and services will be significantly reduced when using the integrated FLEXCUBE system. Indover bank will benefit from the speed, efficiency and new development environment of this new core banking system. We also expect substantial cost savings in managing the IT infrastructure."

"Indover bank's decision reinforces i-flex' successes in Europe", says Mr.
V. Senthil Kumar, CEO of i-flex solutions bv, "Indover bank is an important strategic client for i-flex because it will implement our portfolio of offerings at its head offices in Amsterdam and at all the international branches. Adding a client like Indover bank on a list that already includes institutions such as SNS Bank, Holland Beleggingsgroep (Allianz), Antwerpse Diamant Bank, Akbank International and DGZ Dekabank, will strengthen our current position in the region. Besides that, it also illustrates the added value of our local representation in the Benelux."

The new integrated solution will be implemented in phases. Firstly, the existing back-office solution will be replaced, followed by the implementation of Reveleus and the Internet Banking applications. "With the implementation of FLEXCUBE, we will be fully compliant with the IAS/IFRS regulations as of January 2005. For Indover bank this is critical", says Mr De Goede.