Sixteen savings banks confirm extended contracts with EDB

Source: EDB Business Partner

Sixteen savings banks have confirmed the renewal of their contractual relationship with EDB Business Partner for the period to 1 July 2010.

This means that the banks have joined the framework agreement between DnB NOR and EDB, so that EDB will be responsible for applications administration and both centralised and distributed operating services. This represents an increase in total business volume with these 16 banks for the life of the contract to 1 July 2010, which is now estimated to amount to approximately NOK 330 million.

The 16 savings banks that have a collaboration agreement with DnB NOR signed an agreement with EDB on 1 July 2004 for the period to the end of 2005 and at the same time signed a letter of intent to join the framework agreement between DnB NOR and EDB for the period to 1 July 2010. The banks have now fulfilled this intention.

The decision by the 16 banks to join DnB NOR's framework agreement with EDB represents an increase of approximately NOK 50 million in total business volume relative to the contract announced on 1 July 2004, bringing total business volume for the life of the contract to NOK 330 million. Of the total amount, EDB Bank & Finance will book approximately NOK 100 million, while the remaining NOK 230 million will be booked by EDB IT Operations.

"This agreement strengthens our relationship with the 16 savings banks, and confirms their choice of EDB as their major long-term supplier of applications and operating services", comments Ole Urdahl, Executive Vice President, EDB Bank & Finance.

The banks involved in the agreement are Sparebanken Hedmark, Sparebanken Sør, Sparebanken Sogn og Fjordane, Sparebanken Rana, Etne Sparebank, Flekkefjord Sparebank, Haugesund Sparebank, Hegra Sparebank, Kvinnherad Sparebank, Lillesand Sparebank, Luster Sparebank, Sauda Sparebank, Skudenes & Aakra Sparebank, Sparebanken Hardanger, Søgne og Greipstad Sparebank and Tingvoll Sparebank.

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