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(Oslo, 4 July 2007) GE Money Bank has entered into an agreement with EDB for banking solutions and operating services for its activities in Denmark and Norway, with an option to extend to the other Nordic countries and the Baltic States. The agreement runs for 7 years, and represents expected total contract value in the first phase of NOK 160 million.
EDB will deliver standard components for cards, payments and reporting to the authorities. In addition, EDB will supply a general customer account ledger system based on FLEXCUBE® from i-flex.
International breakthrough
"This is an international breakthrough for EDB's solutions portfolio, and demonstrates that our strategy for the banking and finance market is proving successful. GE Money Bank is a large and exciting player in the international banking market, and this agreement opens the door to long term collaboration with the bank in the European market in a number of areas", comments Endre Rangnes, CEO of EDB
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EDB's international solutions portfolio
EDB offers platform-independent solutions for bank offices, payment services, card systems, self-service banking and related services, combined with FLEXCUBE® solutions from i-flex.
EDB and i-flex agreed in Autumn 2005 to collaborate as preferred partners for the Nordic region, and this contract represents a breakthrough for this collaboration.
Any questions may be addressed to:
Endre Rangnes, CEO, EDB. Tel: + 47 22 77 21 01
Eva Trasti, EVP - Bank & Finance, EDB. Tel: +47 901 17 009
Geir Remman, EVP - Corporate Communications, EDB. Tel: +47 970 55017
About EDB
EDB Business Partner is a leading stock exchange listed IT group for the Nordic region. The group has 3,800 employees, and reported turnover of NOK 5.8 billion in 2006. EDB delivers solutions that cover the entire range of business critical IT services from application services and industry-specific solutions through to IT operating services and network solutions. EDB is committed to being a close and attentive IT partner that helps its customers operate more efficiently and achieve their business objectives. EDB Business Partner is listed on Oslo Børs with the ticker code: EDBASA.
About GE Money Bank
GE Money Bank is a steadily growing part of GE, with 50,000 employees and 120 million customers in 50 countries. GE Money Bank operates in all the Nordic countries, and offers banking services such as mortgage loans, car financing, consumer lending and international credit cards. GE Money Bank operates in Norway from its offices in Stavanger, and has 340 employees and some 300,000 customers.
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