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November 29, 2009

Bank of Cyprus Selects Misys Equation

To consolidate all information technology systems under one common IT platform

By CBR Staff Writer

Misys, the global application software and services company, has announced that Bank of Cyprus, a Cyprus-based banking and financial services group has selected Misys Equation for its enterprise-wide core banking system.

Bank of Cyprus is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this ‘1bank’ concept. Moreover, it will also allow the bank to expand into new territories in the future.

Misys said that Misys Equation has the flexibility to support the bank’s goal of quick deployment into new markets with a standard ‘1bank’ model. Misys Equation’s relational database, data model and application programming interfaces allows integration with peripheral applications. Also, the parameter-driven design of Equation empowers Bank of Cyprus to be self sufficient in launching new products and services to market quickly.

Leonidas Isodiou, general manager of group information technology and organisation & methods at Bank of Cyprus, said: “One of our strategic priorities is to consolidate our presence in our main markets and widen our global footprint, specifically in Russia, Ukraine and Romania. Misys has clear expertise in helping international banks like us to manage their growth and maintain the high level of service our customers expect.

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We see Misys as a strategic partner and are excited by the business plans the company has shared with us and the strategy and future roadmap of BankFusion Equation.”

Dermot Briody, regional director of Europe at Misys said: “We made sure that the team at Bank of Cyprus were fully up to speed with the benefits that the next version of the solution, BankFusion Equation, will bring them. They recognised the value in the direction we are taking the solution and how it will improve their operations still further as we augment the solution in future versions of BankFusion Equation.”

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