i-flex solutions, India-based provider of Information Technology (IT) solutions to the financial services industry, announced that its flagship product FLEXCUBE has been selected by the Egyptian American Bank (EAB) as its core-banking platform.
This is the third FLEXCUBE customer-win in the growing Egyptian market. “The success of i-flex in the Egyptian market opens the door to the Middle East and North African Markets”, said Rajesh Hukku, chairman and managing director of i-flex solutions limited.
EAB will deploy FLEXCUBE Universal Banking Solution encompassing both Retail and Corporate Banking along with the FLEXCUBE@ Internet Banking Solution. FLEXCUBE will be deployed in all 30 branches of EAB and will replace the bank’s flat file mainframe-based legacy system.
EAB is a joint venture between American Express Holdings Ltd (40.83 percent) and the public sector Bank of Alexandria (33.81 percent), with the remaining shares held by the Bank's employees, by companies and by private individuals.
With one of the largest branch and ATM networks in Egypt, EAB has developed consumer banking in Egypt, introducing products such as the Family Fund, car financing and a suite of personal loans. The first EAB credit card will be launched shortly.
The Bank’s Corporate Banking Division provides competitive trade finance and treasury products and services to its major clients in the automotive, pharmaceutical, fast-moving consumer goods, energy and tourism industries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
