BANK HAPOALIM UPGRADES INTERNATIONAL BRANCHES WITH FINANCIAL OBJECTS

Leading Israeli bank selects IBIS S2 to support private and commercial
banking operations

London, 25 November 2003 - Financial Objects, a leading supplier of advanced
technology banking software and services, today announced that Bank
Hapoalim, Israel's largest bank, has licensed IBIS S2 for private banking,
credit management, commercial lending, trade finance, treasury and financial
sanctions. The implementation is part of Bank Hapoalim's overall programme
to update its international branches. IBIS S2 will go live in the bank's
London and Manchester branches by early 2004.

Bank Hapoalim's selection of IBIS S2 will enable it to extend functionality,
streamline processing, enhance customer service and facilitate compliance
with the international accounting standards (IAS). The integrated
front-to-back office solution will increase automation across all business
areas, promoting operational efficiency and enabling the bank to process
increased transaction volumes. IBIS S2's client server architecture gives
users access to up-to-the minute client and product information, enabling
them to understand and respond to customer needs more effectively.

Ilan Shellef, UK general manager, Bank Hapoalim, said: "We have always been
impressed by Financial Objects' commitment to customer service and technical
innovation. After researching a number of vendors, IBIS S2 emerged as the
preferred system. As well as being easy to implement, it was the preferred
solution with the breadth of functionality required to support the growth of
our private and commercial banking operations. We are confident that it will
enable us to achieve both our business and operational goals, while
continuing to offer our clients the high quality, personalised service they
have come to expect."

IBIS S2 will enable Bank Hapoalim to offer its clients a comprehensive array
of private banking products and services, including securities, current
accounts, term and call/notice deposits, spot and forward foreign exchange,
issuing of guarantees, fixed term lending, and lodging of collateral. It
will also fully support the banks trade finance activities. The bank will
also implement Financial Objects' advanced dealer support system for deal
capture and risk management which is based on the latest activebank
technology.

David Carruthers, director, IBIS Division, Financial Objects, says: "Bank
Hapoalim's decision to implement IBIS S2 across its entire business spectrum
in the UK will make it one of the largest IBIS S2 users in London. We
believe that this order particularly shows the wide breadth of functionality
of IBIS S2 and is a testament to our technical expertise and commitment to
anticipating and even exceeding customer demands."

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