Austria's Leading Bank Selects FLEXCUBE for its Overseas Operations

i-flex to Enter the Czech Republic and Slovenia

Mumbai, June 07, 2005: i-flex® solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of information technology solutions to the financial services industry worldwide, has announced that the BAWAG P.S.K. Group, Austria’s third largest banking group has selected its flagship product suite, FLEXCUBE®, to replace its core banking solutions in Central and Eastern European (CEE) countries.

BAWAG PSK group has expanded its overseas presence through a series of mergers and acquisitions in the Czech Republic and other CEE countries. Through this technology partnership, i-flex will enable BAWAG to bring a single operations and technology environment across its businesses in CEE countries. FLEXCUBE implementations are underway in BAWAG’s operations in the Czech Republic and Slovenia, and both are projected to go live by the end of the year.

"FLEXCUBE will be our single operating platform, will link the multiple entities we have acquired to a common hub, enable faster growth and deliver better customer service across the regions", said Dr. Josef Schwarzecker, Member of Board and CIO of BAWAG PSK group. "We envisage greater cost efficiencies and better management of our international branches as a result of the ‘Hub and Spoke’ model."

Speaking on the occasion, Mr. V.Senthil Kumar, CEO – European Operations, i-flex solutions, said, "i-flex has an unparalleled track record of deploying FLEXCUBE at banks that have grown through mergers and acquisitions. We are glad to bring this expertise to a progressive institution such as BAWAG PSK, for their forays into Central and Eastern Europe."

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