Nordic Financial Systems Announces Expansion Plans in South East Asia

- Nordic Financial Systems to recruit local resources in Singapore
- Already supporting Electrolux Singapore with a 'Total Solution'

Singapore, 11th February 2003 - Nordic Financial Systems (NFS), the provider of technical and business integration knowledge, today announced its plans to expand in South East Asia to support its long-term growth strategy. NFS opened a support operation in Singapore in October 2000 to support its existing customer base and will now increase its focus in this region by recruiting additional local sales representatives and technical resources.

Nordic Financial Systems' Singapore office was established to support the regional treasuries of its European clients. Following the launch of NFS's Treasury Support Center, a comprehensive IT and business support service for the corporate treasury departments of multinational corporations and their subsidiaries in May 2002, NFS is now committing more resources to this region.

Electrolux is one of NFS's longest standing customers with whom they have worked for several years to support the technical set-up of the regional treasury centres. Marie-Louise Wingard, President, Electrolux Group Treasury Asia Pacific Ltd comments, "NFS has played a significant role in maintaining the technical set-up of Electrolux's treasury centre in Singapore. They have the specialist skills that we do not have in-house and are based in the right time zone - they consequently provide us with a total solution which we value."

Magnus Lind, CEO, Nordic Financial Systems, comments, "South East Asia is a strong financial centre and a very important market for us. Many of our existing European customers, like Electrolux, have treasury centres in Singapore so it makes perfect sense for us to be there and support them locally. As more European corporates and their Asian counterparts are taking on board the benefits of Treasury Support Center, we need to invest further in the region to support growing demand. We plan to recruit locally and to build support relationships with relevant partners who may not have local representation in Singapore.

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