OREANDA-NEWS. On August 06, 2007 Aizkraukles Bank announced that it has selected INFORMER Financial as integrator for its new core banking system to support the bank’s expansion strategy, reported the press-centre of Aizkraukles Bank.

The management team at Aizkraukles Bank plans to significantly benefit from further investing in the Temenos T24™ solution, which is essential to support its business plan and strategy for organic growth. The bank is looking to achieve a centralization of operations through a modern and powerful IT system, which will provide speed and efficiency of operations, whilst being capable to handle the anticipated growth of the bank’s volumes as a result of the organic growth planned. Support of new innovative products and services as well as "time-to-market" are also expected as a result of this new investment.

Simos Simoudis, Chairman & CEO of INFORMER Financial stated: "We are honored to have been entrusted by the management of Aizkraukles Bank, especially with the tight and serious competition in place, to implement its new core banking system and deliver a fully integrated, turnkey solution to the bank based on T24™ (the market leading core banking software from TEMENOS) along with other software and legacy components".

TEMENOS T24™ is recognized as being one of the most technologically advanced core banking systems available in the world today with more than 500 clients across 111 countries.

Mr. Rolands Citajevs, Member of the Board, Aizkraukles Bank stated: "We are on track towards our strategic plan for aggressive growth in the coming years, through which a major enabler is the selection and implementation of a new fully integrated core banking system; hence we took a decisive step forward in this process by awarding this project to INFORMER Financial based upon a combination of critical factors. These included a successful implementation track record and experience replacing and integrating core banking systems internationally and developing exceptionally stable local platforms to ensure seamless compliance with country-wide statutory and central banking requirements. We anticipate an excellent co-operation with INFORMER Financial as a system integrator and a highly professional partner during the implementation project for our Bank. We hope that we will spend our maximum efforts together in this project for the realization of this high quality solution in order to achieve our business objectives".

George Agioutantis, Commercial Director, INFORMER Financial stated: "We view Latvia and the neighboring countries as an important market within our strategic radar and industry we operate, as the level of technological and business understanding is immensely advanced, in addition to substantial amount of foreign and cross-country investment synergies are created thus inducing further increase on the current growth potential".

AS Aizkraukles Banka was registered in Aizkraukle, Republic of Latvia, in September 1993, as a joint stock company. The Bank’s main scope of activity is lending, fund transfers, foreign currency exchange and asset management.

The profit of Aizkraukles Banka for the year 2006 has reached LVL 25 million, which represents a 39% increase year-on-year. As at 31 December 2006, the assets of the Bank amounted to LVL 811,9 million, which constitutes a 48% increase compared to the previous year. As at 31 December 2006, the Bank’s gross loan portfolio had increased as high as 1,8 times year-on-year and reached LVL 493,8 million. In 2006, the annual return on the trading portfolio reached 9,4%, whereas the average portfolio amount was LVL 2,3 million.

About INFORMER Financial
INFORMER Financial is a TEMENOS authorized international system integrator providing a full range of services from initial implementation through to post-implementation support. The company has undertaken more than 35 core banking system replacements and project implementations and offers a comprehensive range of services including: system upgrades; system health-checks; performance tuning; system outsourcing; outsourcing of help desk services; on-site maintenance, training and support. The company specializes in the integration of best-of-breed banking software and the provision of turnkey solutions.

INFORMER Financial is part of the INFORMER Group of Companies founded in 1979 and which is listed on the Greek Stock Exchange with offices in Athens, Cyprus, Bulgaria, Romania, Albania, Serbia & Montenegro, Luxembourg and Egypt.

For more information about INFORMER Financial please visit: www.informerfinancial.com.