Persia International extends IBSnet use to Dubai

June 16, 2005 – Surecomp, a leading provider of trade finance solutions for the wholesale banking industry is pleased to announce that London headquartered Persia International Bank PLC, has recently implemented IBSnet, Surecomp’s Window-based, SWIFT Ready Gold accredited trade finance solution for use in the Bank’s new Dubai branch.

Persia International Bank PLC, widely regarded as one of London’s leading community banks was established in April 2002 following the merger of the London branches of Iranian headquartered Bank Mellat and Bank Tejarat, both banks having had a successful record in London and other international financial markets stretching back over 30 years.

Persia International Bank has built a reputation for commitment to individual and business customers alike and for the personal service each receives from the Bank’s team of professional bankers.

Announcing that Persia International Bank PLC had implemented IBSnet in their Dubai branch, Mr. Zargham Ashtari, the Bank’s Executive Director & Chief Operating Officer said, "We see the opening of the Dubai branch as a timely expansion of our services and a further commitment to our London-based customers to meet their developing needs. The Dubai branch will offer our full range of corporate banking services including trade finance; a service that in a few short years we have become recognized for. Having successful used the IBSnet trade finance system for the last couple of years it was only natural that we extend the use of the IBSnet to the Bank’s Dubai branch."

Adding his good wishes Vladimir Ramirez, Surecomp’s Vice President, Business Development remarked "There is no denying Dubai’s position as a leading regional financial hub and as such we view the Bank’s move as further strengthening of this vibrant banking community. We applaud the Bank in its decision to extend the use of IBSnet to Dubai thereby ensuring that there is seamless interfacing for the Bank’s trade finance customers regardless of whether they are in London or Dubai."

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