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Greece's Leading Bank Selects i-flex's FLEXCUBE

London, January 3, 2006: Alpha Bank, the second largest bank in Greece, has selected i-flex® solutions’ (Reuters: IFLX.BO & IFLX.NS) FLEXCUBE® for its consumer lending operations and loan syndications. Alpha Bank has more than 450 branches across Greece, the Balkans and Western Europe.

The winner of the Best Greek Bank award for the year 2005 by Euromoney, Alpha Bank will be deploying i-flex’s FLEXCUBE in multiple phases across 450 branches of the bank. The deployment will allow Alpha bank to launch new products faster and enhance their flexibility in addressing their rapidly changing customer needs

The Greek banking industry has matured considerably over the last five years. Credit analysis has been improved, provisioning levels have increased and IT systems have been under pressure for overhaul and upgradation. Leading Greek banks also have a strong regional presence to support Greek corporate clients investing in the Balkans to finance trade to position themselves for an active role in capital market development in the region.

"i-flex’s technical and functional expertise in providing software solutions and its significant track record of implementing them across diverse geographies were the key factors in the selection process. FLEXCUBE also enhances our ability to launch new and innovative products," said Mrs. Olga Charitou, Alpha Bank.

"Banks need to tighten their current lending IT infrastructure to address this fast growing market as technology can be a crucial differentiator that provides a competitive edge. We are pleased to help Alpha Bank in their endeavor to tap these markets and enhance service standards in the new environment," said Mr. V.Senthil Kumar, CEO i-flex solutions b.v