International Moscow Bank Russia, selects FLEXCUBE®. Landmark win marks i-flex's successful foray into Russian Retail Banking.

Moscow November 16, 2004: International Moscow Bank (IMB) Russia, the eighth largest bank in Russia (by assets), has chosen FLEXCUBE for its core banking requirements as part of a technology modernization drive.

i-flex®’s flagship product suite, FLEXCUBE, will be implemented at the bank to enhance its agility and capacity for product automation. As part of its strategy to modernize and expand, the bank will deploy FLEXCUBE’s corporate and retail suites.

IMB is a Russian commercial bank with international capital. It specializes in providing services for corporate, retail and private clients, as well as in corporate financing and treasury operations. IMB was the first Russian bank to operate in the international financial markets.

Speaking on the occasion, Ilkka Salonen, President of the Board of Management, said "We have a vision to make IMB one among the top-five banks by 2009 and technology is a key aspect of our strategy to attract and serve our customers. FLEXCUBE is an excellent fit and I am confident that this partnership with i–flex will enable us in becoming all that we aspire over the next few years".

Rajesh Hukku, Chairman & Managing Director of i-flex solutions, said, "The Russian Banking market is on the threshold of immense change and futuristic banks like IMB are poised to emerge winners through the smart use of technology. Our partnership with IMB augurs well for IMB’s customers as we bring FLEXCUBE to Russia, an award-winning product suite that embodies the best practices of more than hundred countries".

The Russian banking industry poses unique challenges as it seeks to emerge from the socio-political upheavals over the past two decades. It is the fastest growing economy in the last two years across Europe and has attracted many international banks leading to a lot of foreign direct investment. The banking industry, which currently has over 1,400 banks, will go through an ‘upheaval-consolidation’ phase in the coming months.

Outlining the strategy ahead, V Senthil Kumar – CEO, i-flex solutions bv, said "Our product will be transformed to address the needs of banks in this region. Right from product interface to customer support, we will make everything available in Russia. This is a both a strategic investment and a high-profile win for i-flex in the region, including neighboring countries".

"In about 18 months or so", said Dimtry Mokhnachev, Member of Board of Management, "we envisage the possibility of setting unparalleled standards in customer service. We want to be a local bank, while matching the international standards of a foreign bank."

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