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Press Release Archive

Thursday, 24 February 2005

Arab Bank, InnoKAT and INTRACOM Partnership in Excellence

Amman, Jordan - Feb 22nd Arab Bank, InnoKAT FZ-LLC, INTRACOM announced today the launch of FUSION, a unique regional IT company focusing on solutions for financial services with Headquarters in Dubai and a development centre in Amman, Jordan.

FUSION will provide innovative technology solutions for the financial services industry for the MENA region helping financial institutions deploy the right technologies to enable them to operate effectively in today's very competitive market.

Mr. Abdel Hamid Shoman, Deputy Chairman and CEO of Arab Bank stated "This partnership leverages the extensive expertise of Arab Bank, InnoKAT and INTRACOM in the field of Information Technology, and their local and international presence. The adoption of state of the art technologies will enable financial institutions to offer their customers the best service at competitive costs."

Mr. Abdel Hamid Shoman added, "Arab Bank continues to seek and adopt effective and innovative technology solutions, to improve the bank's competitive position in its markets, which has been instrumental in preserving the Arab Bank's leading position. FUSION will offer a combination of deep knowledge of the financial industry and expertise in advanced technologies, which will assist other financial institutions in the region."

Socrates Kokkalis, INTRACOM Chairman, declared: "Today, the financial industry faces economic, competitive and regulatory pressures that are driving financial institutions to re-evaluate their strategies and re-shape the way they are delivering business. This paradigm shift calls for investments in IT solutions and emerging technologies. FUSION, along with its inherent financial industry practices and experience, will be able to anticipate the dynamic needs of this market through quality services and solutions."

George Deligiannis, INTRACOM Managing Director, added: "The creation of FUSION is aligned with INTRACOM's strategy to develop international partnerships with global market leaders, partnerships that will fully leverage the potential of our subsidiaries in the Middle East Market and contribute in the modernization of regional markets. As a major banking solutions integrator with a considerable 14-years experience in the financial services sector, INTRACOM shall provide valuable know-how to the unique needs of FUSION customers."Mohammed Kateeb, Chief Executive Officer of InnoKAT and the ex-Middle East Microsoft Managing Director stated, "We are excited to be part of this initiatives that brings three leaders together to create a unique solution company that will serve this vital sector for the Middle East economy. Technological advances and innovative solutions are critical for the continuous success of the ME financial sector."

He also added that "Fusion will offer a full array of solutions that support business strategies and facilitate improvements for customers in the financial sector. Drawing upon extensive capabilities and expertise in consulting, business processes, applications, and IT infrastructure that InnoKAT provides Fusion will be able to leverage deep industry expertise to craft integrated, industry-specific solutions to meet each customer's current and long-term needs."

"FUSION will be ready to offer its products and services this summer. The company will develop vertical applications for the Financial Services Industry in our region based on proven technologies from leading technology providers. The combination of banking knowledge, proven technologies, and top notch professional services will position FUSION as the provider of choice for the financial industry." concluded Majed Abdel-Rahim Global Head of IT at Arab Bank.

About Arab Bank plc

The Arab Bank was established in 1930 in Jerusalem. And today after more than 75 years the bank operates a global network of more than 400 branches and offices on five continents. The Arab Bank group has a balance sheet of USD 36.5 billion, shareholder's equity of USD 3.3 billion and a 2004 income of USD 319 million. The bank started automating its operations in the mid 1960s, and continues to be a pioneer in adopting new and innovative technologies to serve its customers.

About InnoKAT FZ-LLC

InnoKAT is a unique IT company that brings Innovation, Knowledge, and Advanced Technologies together to the benefit of the Middle East customer, with a very strong value system of the highest ethical standards. The exciting business model InnoKAT in addition to the company board that is comprised of very successful business people from Kuwait, Qatar, Saudi Arabia and UAE who bring a wealth of experience in conducting business in the region, as well as demonstrate true regional partnership. Headquartered in Dubai, InnoKAT has regional offices in Abu Dhabi, Riyadh, Kuwait, and Amman. InnoKAT delivers solutions that are in short supply and of a great demand; namely, solutions pertaining to the management of the information life-cycle with focus on securely transforming data to knowledge. This involves business continuity, enterprise security and risk management, storage architecture, and Enterprise Application Integration. In addition, InnoKAT will provide unique vertical solutions to the financial, public, Oil & Gas, Telecommunication and Healthcare sectors. The initial focus of the company business will be on the GCC market with an expansion plan over the next five years of wider outreach and presence that will target more local offices in the Middle East region, as well as internationally.

About INTRACOM

INTRACOM is a leading provider of cutting-edge telecommunications and IT systems with a strong presence in over 45 markets worldwide. Its objective is to play an important role in the growth and modernization of regional economies. As an innovation leader, INTRACOM invests in R&D and provides products and services to the Telecommunications, Banking & Finance, Government & Public Administration and Defence sectors. In 2002, INTRACOM established the Athens Information Technology (AIT) educational and research centre in order to promote scientific research and advance graduate education in the IT&T. The Centre offers a special Master's of Science in Information Networking programme in cooperation with Carnegie Mellon University in USA. INTRACOM's headquarters are located in Athens, at an area of 100,000 sq.m. The company is certified under the international Quality Assurance (ISO9001:2000), Environmental Management (ISO 14001:1996), Occupational Health and Safety (OHSAS 18001:1999) and Social Accountability (SA 8000:2001) standards. More information: www.INTRACOM.com.

INTRACOM Jordan

INTRACOM-Jordan, a subsidiary of INTRACOM S.A., is an end-to-end IT solution provider and system integrator based in Amman and expanding its activities to the surrounding countries in the Middle East. Its professionalism, expertise, commitment and liability have maintained a strong and consistent presence in almost every sector of economy especially: Banking and Finance, Telecommunications, Health, Education, Government & Public Administration and Defence.