Co-op Central Bank of Cyprus Selects SunGard’s Quantum

LONDON, June 10, 2002 - SunGard Treasury Systems (STS), an operating group of SunGard (NSYE:SDS), today announced that the Co-operative Central Bank of Cyprus (CCB) has selected Quantum to manage its front- middle- and back-office treasury trading. CCB is also implementing SunGard Treasury Systems’ eTreasury suite of Internet-based treasury management solutions to enable its clients to access services via the Internet.

"Quantum is quite flexible in terms of what we want to do now and in terms of future development," says Demetris Hasikos, treasury manager at CCB. "It covers a high degree of our requirements from front- to back-office, and has a very high level of straight-through processing (STP)."

On behalf of its members, CCB's treasury division takes care of all wholesale banking and finance activities including FX, capital markets, and currency and interest rate risk. Therefore it needed a system that could handle every instrument under its control, and Quantum was that system, says Hasikos.

Martin Boyd, European managing director for SunGard Treasury Systems, says, "We are very pleased to be working with CCB on this project. We are supplying CCB with a complete STP-based solution, enabling CCB to deliver improved efficiency and higher levels of service to its partners. Strategically, it also provides SunGard Treasury Systems with a key client in what is a growing region for our services."

CCB will integrate Quantum with its retail banking systems and general ledger, and is currently in the first stage of implementation, which it expects to be complete by the end of October.

"The exhaustive selection process started with 20 prospective software vendors, before CCB narrowed it down to five and then two, finally choosing Quantum," says Mr. Hasikos. "CCB was particularly impressed with Quantum’s dynamically configurable GUI front-end."

"The technology is state-of-the-art," says Mr. Hasikos. "And we wanted client-server technology with Microsoft Windows."

Mr. Hasikos says, "This partnership with SunGard enables CCB to provide a technology solution for the future to match the expanding requirements of our client base of cooperative institutions."

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