Nine Norwegian savings banks have entered into an agreement for EDB to supply IT solutions and operating services for their banking activities. The agreement is a renewal of an existing contract between EDB and the banks, and now runs to the end of 2014. The agreement represents total contract value over its life in the order of NOK 170 million.
"This agreement confirms EDB's strong position and competitiveness in the Norwegian banking and finance market. We see this as a vote of confidence in EDB, and as evidence that EDB offers modern and cost efficient solutions that meet the needs of this type of bank", explains Wiljar Nesse, SVP - Bank and Finance at EDB.
IT collaboration between savings banks
The nine savings banks have entered into a collaboration agreement on purchasing IT services, and Haugesund Sparebank plays the lead role on behalf of the nine banks. In addition to Haugesund Sparebank, the following banks are part of the agreement with EDB: eEtne Sparebank, Flekkefjord Sparebank, Lillesands Sparebank, Luster Sparebank, Sauda Sparebank, Skudenes & Aakra Sparebank, Søgne og Greipstad Sparebank, and Tingvoll Sparebank.
"We have a long-term relationship with EDB that ensures we have access to state-of-the-art solutions on cost effective terms that support the banks' strategy for independence and efficient operations", explains Knut Grinde Jacobsen, Managing Director of Haugesund Sparebank.
About the products and services
This agreement further strengthens EDB's collaboration with Haugesund Sparebank and the other banks in the group, and gives the banks access to a complete portfolio of solutions and services that will provide the basis for their product development and service offer in coming years.
EDB supplies the banks with solutions in the areas of deposits, financing, card and payment services, accounting and reporting, message distribution and customer dialog services, internet banking and branch office solutions, together with operating services for all the banking solutions and each bank's IT infrastructure.
In aggregate, the nine savings banks are similar in size to one of the larger independent Norwegian savings banks, with around 110,000 customers. For a number of years, the nine banks have been among the most cost efficient of the Norwegian savings banks in terms of costs relative to total assets.
About the agreement
This agreement replaces previous contracts entered into on the banks' behalf with EDB and DnB NOR, and will run from 2009 to the end of 2014. The agreement represents total contract value over its life of around NOK 170 million. The nine savings banks collaborate on IT purchasing under the leadership of Haugesund Sparebank.