Sparebank 1 extends EDB contract

Sparebank 1 extends EDB contract

Sparebank 1 has signed a new three year contract, worth NKr 700 million, with EDB Business Partner for banking software and IT operating services.

The new contract runs for three years from 2005 to 2007 and is an extension of the bank's current contract with EDB which runs to the end of 2004.

Commenting on the new deal, Eivind Gjemdal, executive vice president responsible for IT, SpareBank 1, says: "We see this as an important step to ensure stable operations and to further develop our strategic collaboration with EDB. SpareBank 1 has achieved more favourable terms with this contract."

Under the contract, banking software will be provided by EDB's Bank and Finance division while operating services will be supplied by EDB IT Operations.

Separately, EDB Business Partner has appointed Tore Valderhaug as executive vice president and chief financial officer (CFO).

Valderhaug joins EDB Business Partner from ProCorp, where he was a partner and financial consultant. Prior to this he was CFO at Ask Proxima, berfor the firm's merger with InFocus Corporation. He continued with the merged company as vice president, finance, Europe and Asia.

EDB says Knut Olsen, who is currently acting CFO, will return to his position as vice president, finance and administration, EDB IT Operations.

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