GENEVA, Switzerland – 13 November, 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced the opening of its new regional office in Riyadh, Saudi Arabia. This is the company’s third office in the Middle East, further strengthening its commitment in the region. TEMENOS is a major technology services provider to banks and other financial institutions in the Middle East and the Islamic banking world, and this latest development demonstrates the company’s continued investment in this market.
TEMENOS opened its first Middle Eastern regional office in Beirut in 1996 and has since increased its presence with the development of its Tadawul application, which launched in 2000. Today TEMENOS continues to invest in its Tadawul application with the introduction of the TEMENOS Trading Platform (TTP). TEMENOS developed the TTP specifically for the Gulf Community Countries (GCC) to manage direct online trading with the local securities market. TEMENOS is developing this trading application in conjunction with two leading Saudi Arabian banks in order to ensure that it remains fully supportive of local market requirements. TTP is fully compliant with all GCC trading mechanisms and is therefore able to support direct online inter-GCC trading.
Juan Cejudo, General Manager Middle East, TEMENOS, comments: “With Saudi Arabia becoming a member of the World Trade Organisation, the region is experiencing significant advancements in economic development and foreign investment. The resulting emergence of brokerage houses will most likely lead to the rapid growth of the equities trading business beyond the realms of the banks. This being the case, we think that the TTP solution will be popular in the region due to its huge flexibility. With the continued economic growth, TEMENOS continues to expand its client base throughout the Middle East by providing both conventional and Islamic Banking solutions.”
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Andreas Andreades, CEO, comments: “TEMENOS has become a significant provider in the Middle East and to the Islamic banking world. With the current climate of economic growth within Saudi Arabia and the licensing of the new banks, our new office will help us to continue supporting our valued clients in the region and delivering our modern technology to a wider market.”
TEMENOS has an international client-base of over 500 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.
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Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com
For more information, contact:
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596