Terra-Gruppen extends EDB contract

Source: EDB Business Partner

Terra-Gruppen has extended its contractual relationship with EDB for banking solutions and operating services to 1 March 2006. This extension represents business volume of around NOK 165 million.

EDB's stock exchange announcement dated 24 September 2003 in respect of Terra-Gruppen's notice to terminate its contracts with EDB stated that the cancellation of these contracts would lead to shortfalls in turnover relative to the original contractual terms of NOK 150 million in 2005 and NOK 200 million in 2006. Terra-Gruppen has extended its contracts for core banking, payment services, Internet banking solutions including operating and printing services in addition to solutions and operating services for its member banks' branch offices until 1 March 2006.

The extension of the contractual relationship with Terra-Gruppen represents turnover for EDB of NOK 150 million for 2005 and around NOK 15 million for 2006.

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