eQ BANK AND SKANDIA FINANCIAL CONCEPTS IN CO-OPERATION

eQ Bank Ltd. and Skandia Financial Concepts Ab (SFC) have today signed a delivery agreement concerning the implementation of a banking system, which will be used by eQ Bank for various account and loan services. The banking system is expected to be in use already during the year 2003, and product launches will be made throughout the second half of the year. The investment is intended to be funded with funds generated from operations.

Skandia Financial Concepts delivers innovative, world-class financial services. SFC’s core product is Apollo, a financial services and wealth management concept, developed around the Quartz banking solution from Tata Consultancy Services (TCS). TCS, a division of the 275,000 strong Indian conglomerate Tata Group, is the largest independent software services organisation in Asia with 21,000 consultants and serving over 1,000 customers in more than 55 countries globally.

During the selection process, eQ examined today’s most advanced banking systems globally, of which Tata’s Quartz banking solution was evaluated to be most suitable for eQ. During the past few years, a score of financial companies have chosen the Quartz banking solution.

The product portfolio of eQ Bank today includes the award-winning eQ Online brokerage service, eQ’s deposit account with the highest interest rate as well as funds and asset management services.

Press contact:
Jerker Molander
tel. +358 9 6817 8438
gsm. +358 50 380 3845

Timo T. Laitinen
tel. +358 9 6817 8601
gsm. +358 500 701 230

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