i-flex solutions b.v. Strengthens presence in the Balkans, Announces New Subsidiary in Greece

i-flex Solutions Ltd, on April 20, 2007, has announced the setting up of a subsidiary, i-flex solutions S.A., in Athens, Greece, in partnership with one of Greece's largest holding houses, Fourlis Group.

The announcement is a significant milestone in the Company's European expansion strategy. i-flex solutions S.A. will cater to the markets of Greece and neighboring countries. The Company has more than 20 banks as customers in the Balkan region including two of Greece's largest banks - Alpha Bank and EFG Euro Bank.

i-flex solutions S.A. strengthens the Company's presence in the Balkan region, giving prospective customers better access to its range of products and services for the financial services industry. It will also provide its customer's access to highly skilled, local professionals who will support future deployments in the region.

N R K Raman, COO, of the Company and Chairman of the new subsidiary, elaborated: "Our investment in this new subsidiary in Athens is exciting as it throws up immense possibilities for engaging with our customers not only in the region but across the European Union. It also allows us to develop alternative talent pools, especially in Romania and Greece, giving us greater flexibility and speed in deploying our solutions, particularly in the retail banking domain."

Mr. Goutsoulas, currently the Chief Technology Officer of ATC, will be the Chief Executive Officer of the new subsidiary.

According to Goutsoulas, "We see exciting times ahead of us and I am sure we will capitalize on the strong growth rates the banking industry is witnessing in the region, the dominant trend towards consolidation and acquisitions in the industry and the obvious focus banks are now bringing to their business processing platforms."

i-flex solutions b.v., a wholly owned subsidiary of the Company, was set up in Amsterdam in 2000, and now has offices in London, Frankfurt and Dublin. i-flex has over 85 customers across 40 countries in Europe. Several Tier-1 financial institutions such as Allied Irish Bank, Citibank, and Lloyds TSB as well as First Investment Bank, Hebros Bank and Post Bank, among others, are the Company's customers in Europe, some being large multi-country implementations.

Source : Equity Bulls

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