BANCO ESPIRITO SANTO (BES) SELECTS FINANCIAL OBJECTS' IBIS/S2

London, 3 December, 2001 - Financial Objects, a leading supplier of advanced
technology banking software and services, today announced that BES London will implement Financial Objects' IBIS/S2, which encompasses online private banking, lending and retail modules.

BES one of Portugal's leading banks with a commercial banking branch in London will look to implement IBIS/S2 in the first quarter of 2002. IBIS/S2 will enable the bank to efficiently integrate its front-to-back office processes; achieve increased straight through processing; accelerate workflow; and improve the overall efficiency of its transaction processing and analysis.

Financial Objects' IBIS/S2 modules will enable the bank to deliver a competitive online banking service. BES customers will be able to use the internet to access bank accounts and financial information in a secure and controlled environment round-the-clock and also to perform selected transactions.

Ricardo Pires, BES, assistant general manager, says: "Thanks to Financial
Objects we have a highly competitive banking solution that contributes to
the delivery of the outstanding levels of service that our customers expect.
At the same time, the implementation of a highly integrated front, middle
and back office banking solution has increased efficiency of our business
processes and is helping to control internal costs. Financial Objects clearly understands our business and as the market evolves and customers needs change, we will work with them to develop the solutions that support these requirements."

Hugh Daly, IBIS/S2 operations director, Financial Objects plc, comments:
"This is a further illustration of how IBIS/S2 can be used by our customers to extend the functionality of their existing systems. This helps financial organisations to achieve immediate improvements quickly and efficiently without the need to make huge infrastructural changes. We are delighted to work with such a successful client as BES. Our aim is to continue providing a highly flexible banking solution that gives our clients the ability to meet all strategic business goals."

IBIS/S2 is Financial Objects' international wholesale banking system designed to support treasury, capital markets, lending, trade finance, payments and settlements, general ledger, private banking and internet banking. IBIS/S2 is based on a fully scalable platform using component based web-enabled software to meet the requirements of small and large banking operations.

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