CITIC Ka Wah Bank renews Fidelity core banking system license

Source: Fidelity Information Systems

Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services (Fidelity) division today announced the signing of a renewal agreement with CITIC Ka Wah Bank in Hong Kong for lending, deposits, savings and customer information software and services.

Under the six-year agreement that will run until end-2011, CITIC Ka Wah Bank will continue to utilize the technology of Fidelity's retail core banking suite, Systematics, which has been installed at the bank since 2000.

"CITIC Ka Wah Bank uses technology as part of its on-going commitment to position the bank as an innovative and first-class financial solutions provider and we are pleased to continue our technology partnership with Fidelity to help us further this goal," said Lorainne Lam, Executive Vice President and Head of Retail Banking Group of CITIC Ka Wah Bank.

Systematics is a comprehensive suite of retail banking applications offering an integrated solution for architecture, customer, deposits, lending, and financial and management reporting. It is a multi-currency, multi-lingual package that can easily support the rapid, successive changes facing banking organizations today whether driven by competition, consolidation, business efficiency, risk management or other emerging factors.

"The flexibility of Fidelity's software allows CITIC Ka Wah Bank to build its IT infrastructure for the future without incurring huge architectural expenses, instead taking full advantage of the substantial investment Fidelity pours into making its software the leading-edge technology entrusted by financial institutions world-wide," said Jim Wilson, President for Fidelity's International Division.

Wilson continued, "We are also delighted to announce that CITIC Ka Wah Bank's Alternate Chief Executive Officer, Executive Vice President and Chief Operating Officer, Mr. C Y Ling, has recently accepted the position of co- Chairmanship of Fidelity's ACTION International committee. This position will allow the bank to play a vital role in the activities of the committee, whose focus is to inform Fidelity of the business issues facing its clients and to provide input about the collective interests of its users for development of new or existing products and services. Mr. Ling will co-chair alongside Ian Cramb, Chief Information Officer at Citibank."

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