Verdibanken signs two-year EDB contract extension

Verdibanken signs two-year EDB contract extension

Greenfield ethical bank Verdibanken has signed a two-year extension to its software and IT operating services contract with EDB Business Partners.

Oslo-based Verdibanken originally signed a five-year contract with EDB in July 2002 which represented business volume of Nkr45 million. This contract was subject to Verdibanken being granted a banking licence. The new 7-year agreement represents total business volume of some Nkr52 million.

The agreement calls for EDB Bank & Finance to provide IT for payment services, self-service channels and the management and operation of the bank. In addition Verdibanken is using consultancy services to assist with setting up its banking operations and implementing its banking systems. EDB IT Operations provides the IT operating services element of the contract.

Sigmund Thorsell, managing director of Verdibanken, says: "With the help of solutions and infrastructure from EDB we have set up a full-scale banking operation in just a short time."

The bank's objective is to be a leading commercial bank for religious organisations and similar entities. The target customer group will also include retail and corporate customers looking for a fund manager that emphasises christian ethics and social responsibility.

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