Standard Bank London has acquired a five per cent stake in Irish software developer International Financial Systems (IFS). The bank exercised warrants issued last year as part of a joint development agreement. In June 1999, Intel and Deutsche Bank acquired a joint strategic stake of 14% in IFS.
"Standard Bank is constantly looking at new technologies to improve services to our clients. We have taken this stake (in IFS) because we believe their development plans make them a very exciting company to work with for the future," says Philip Scott, new technology strategist, Standard Bank.
Founded in 1992, IFS provides collateralised and Internet trading solutions to the international financial community. Margin Man, the company's flagship product is used by 60 financial institutions including Deutsche Bank, Citibank, ABN Amro, Australia & New Zealand Bank and Royal Bank of Canada.