NATIONAL BANK OF KUWAIT GOES LIVE WITH VERMEG’S MEGARA CUSTODY AND CLEARING PRODUCT'S

Sydney - 11 October 2006

Vermeg, the specialist Securities Processing and Fund Management software provider, announced today that the National Bank of Kuwait (NBK), has gone live with Vermeg’s core custody and clearing product, MEGARA, including MEGACOR , the Corporate Actions processing module.

Bader Al-Turkait, Senior Manager of NBK said: "NBK took a strategic decision in 2005 to offer sub-custody services to non-resident institutions in the Kuwaiti market, the first such service in Kuwait. NBK was therefore looking for a proven Custody and Clearing solution which could be implemented rapidly and will provide NBK with the high level of service and SWIFT compatibility the new role would demand to support international standards and requirements of global international institutions. Vermeg not only provided a robust solution meeting all these requirements, but their commitment to the Project and dedicated professional staff made the implementation possible."

Christian Cure, Executive Vice President of Vermeg, added: "The implementation of MEGARA, Vermeg’s SWIFTReady Labelled Custody and Clearing solution, at NBK marks an important landmark for Vermeg as its first installation in the Middle East. As the securities markets develop rapidly in the area, Vermeg stands ready to assist major players such as NBK to enter the global securities markets not only with technologically advanced solutions that comply with all the latest SWIFT and market enhancements, but also with consulting and implementation staff who bring extensive experience of global securities markets to the projects."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development