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i-flex opens office in DIC to consolidate Middle East presence

To further address the Middle East banking and financial services industry needs with leading edge technology solutions


 Dubai, February 2, 2003: i-flex solutions (Reuters: IFLX.BO/IFLX.NS), the leading provider of information technology solutions to the global financial services industry, today announced its plans to set up a Middle East office in Dubai Internet City (DIC).

The office opening reiterates i-flex’s commitment to the region as a strategic growth market. The office will serve as a hub for the company’s marketing and sales activities in the Middle East and will eventually be expanded to incorporate a technology support center. The move is intended to increase the company’s local presence and to address the growing demand for IT solutions in the region’s banking and financial services industry.

“As part of our global expansion strategy, we are further strengthening our presence in the Middle East to help us reach out and serve our existing and potential customers in the region better. Dubai was a natural choice for us due to its favorable business climate, excellent infrastructure in addition to proximity to the entire region,” said Rajesh Hukku, Chairman and Managing Director, i-flex solutions.

i-flex has already garnered 25 financial services; customers in the region including leading names such as Emirates Bank, Mashreq Bank, Abu Dhabi Commercial Bank and Dubai Bank in U.A.E, Bank of Kuwait & the Middle East (BKME) and Gulf Bank in Kuwait and Investcorp in Bahrain. i-flex already has a support center in Kuwait to service its existing customer base.


i-flex offers IT solutions to banks and financial institutions that are seeking to enhance customer service levels, respond rapidly to market demands and reduce costs. i-flex’s products and services include FLEXCUBE, the next generation core-banking solution with multi-channel delivery capability including Internet Banking and WAP, PrimeSourcingTM, i-flex’s customized application software development services and support as well as Reveleus, its Business Intelligence solution.

“The growth potential for our products and solutions in the Middle East market is immense, as banks in the region are becoming more competitive and focused on customer service. There is an urgency amongst banks in the region to invest in newer technologies with a view to providing the best experience to their customers, reducing transaction processing costs and addressing integration needs across various businesses and delivery channels. With our existing customer base coupled with local presence and strong partnerships, we are very strongly placed to capitalise on this opportunity,” said N.R.K Raman, Senior Vice-President, Global Sales, i-flex solutions.

i-flex, which is 43.2% owned by Citigroup, has subsidiaries in the USA, Netherlands and Singapore.

About i-flex solutions
i-flex solutions (Reuters: IFLX.BO & IFLX.NS) is a leading provider of information technology solutions to the financial services industry worldwide through a comprehensive range of products and customized service offerings. i-flex enables financial institutions to reduce costs, respond rapidly to market needs, enhance customer service levels, and mitigate risk, through its suite of proven products and services. i-flex has provided IT solutions and services to more than 370 customers in over 85 countries. With more than 2,200 employees, nine development centers, including one in Singapore, and sales, marketing and support presence covering 16 overseas locations, i-flex has a strong global reach. i-flex is represented in over 50 countries through more than 30 corporate business partners. i-flex has strong alliances and implementation relationships with global leaders including HP, IBM, Intel, Microsoft, Oracle, and Sun Microsystems. For further information please visit: www.iflexsolutions.com. For Further Information please contact:

Robin Duff/ Prem A. Ramachandran
ASDA'A Public Relations
P.O.Box 28063
Dubai - UAE
Tel: 04 3344550
Fax: 04 3344556
Email: info@asdaa.com
Peter Yorke
i-flex solutions limited, Bangalore, India
Ph.: +91-80-228 4300 or 228 6030
Fax: +91-80-228 4313/4
E-mail: peter.yorke@iflexsolutions.com


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