Misys / B-Plan solution part of major restructuring programme for Iraq's largest state bank
4 February 2008 - Misys plc (FTSE: MSY.L), the global application software and services company, today announces that Rafidain Bank, the largest state bank in Iraq, has selected an integrated turnkey core banking solution from Misys and B-Plan Information Systems.
The agreement between Rafidain and the Misys/B-Plan consortium was endorsed by the Minister of Finance, as part of the modernisation programme of the state-owned banks. The Misys/B-Plan solution was chosen ahead of competing bids including those from Temenos and Systems Access. It will underpin the restructuring programme aimed at improving performance and enabling Rafidain to compete more effectively in an increasingly open and competitive environment.
The solution includes the deployment of electronic clearing systems, the core banking solution from Misys and the supporting hardware and communications network across the bank's 148 domestic and 7 international branches, in Beirut, Cairo, Jordan, Abu-Dhabi, Manama (Bahrain) and Sana' (Yemen). The project, which is one the largest of its kind in the world, will allow the bank to deliver competitive products and an excellent service to Rafidain's domestic and international customers.
In December 2006, a formal memoranda of understanding (MOU) was signed between the Central Bank and the Ministry of Finance on the restructuring of the state-owned banks, including Rafidain Bank. This covers the steps and sequencing for operational and financial restructuring of these institutions over the next few years, including the deployment of electronic clearing banking system.
Mr. Bayan Jabr, Iraq's Minister of Finance, states, "I am determined to modernise the banks. My wish is that every Iraqi citizen has a Visa card and for every Iraqi citizen to have a bank account which he is able to manage through the internet, regardless of whether he is a government employee or not. This is my dream which I am working to make it a reality. I have now signed a contract for such a system for the Rafidain Bank."
Guy Warren, EVP and General Manager. Misys Banking, comments, "One of the key deciding factors for the Government of Iraq was Misys' leadership position in the industry and we are honoured to be an integral part of such a crucial restructuring programme for the bank. Our deep knowledge of the market alongside B-Plan's expertise in implementing turnkey ICT solutions in Iraq, will enable Rafidain to maintain its leading position in the region and compete more successfully internationally. This is another example of our proven technology and top class services skills beating Temenos in competitive pitches."
Shirko Abid, CEO of B-Plan, adds, "The advanced solution and the broad regional experience Misys has built up over the last two decades, coupled with our strong position as a provider of mission-critical turnkey solutions was crucial to the deal. We are already beginning the first phase of implementation and I look forward to working closely with the bank as we help it deliver enhanced services to its customers."
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For further information please contact
Edward Taylor
Global Head of Public Relations
Misys Banking
+44 (0) 208 486 1661
edward.taylor@misys.com
Caroline Parker
Financial Dynamics
+44 (0) 207 269 7295
caroline.parker@fd.com
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys is a market leader, serving more than 100,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: www.misys.com
About B-Plan
B-Plan Information Systems Limited was established in 1993 in Manchester (UK) by two Iraqi Kurdish brothers and is now well recognised for the provision of financial and operational IT management solutions in the UK and Ireland. As a result of an alliance with Misys and more than three years of successful market penetration of the Iraqi public sector, the Misys/B-Plan consortium has secured the contract for the deployment of Misys BankMaster as the first electronic clearing system at Rafidain Bank, the largest Iraqi state bank. This success underlines the Misys/B-Plan consortium as the dominant player for the provision of mission-critical turnkey ICT solution in Iraq.
