March 13, 2007
| Press Release
India, New Delhi, March 13, 2007:
Nucleus Software implements another FinnOneTM contract in the Middle East region
Nucleus Software (NSE: NUCLEUS), a leading global provider of next generation software products for banking and financial sector today announced its deal with Mashreq Bank, UAE’s largest private bank, for its flagship product FinnOneTM Finance Against Securities (FAS). The solution has been implemented across the bank’s 46 branches.
This deal marks yet another win for Nucleus in the Middle East region. FinnOneTM FAS implementation will help enhance the bank’s turnaround time in approving loans against securities, determining and managing the credit limit for a customer.
FinnOne™ Finance Against Securities (FAS) is a comprehensive solution that establishes credit lines to individuals and corporates against the pledging of financial securities like shares, debentures, units, etc. Objective of the product is to value the collateral security provided by the customer in order to determine credit worthiness. As market value of the security offered is very volatile in nature, the system conducts valuation on regular intervals.
The bank implemented FinnOne™ solution across its 46 branches in the UAE region, in its endeavour to refurbish its lending operations. This implementation is seen as a strategic move by the bank to increase its market share significantly in the lending market.
Commenting on the announcement, Vishnu R. Dusad, CEO & MD, Nucleus Software, said, "We are happy to be associated with Mashreq Bank and this partnership marks yet another client win in the Middle East region. The bank has chosen our solution because of our track record and our domain understanding of the industry. We are confident that our solution will help them achieve their overall business goals.”
Alexander Sinclair, CEO, MindScape, the IT arm of Mashreq Bank, commented “Mashreq Bank understands and values the importance of regular updates in its IT solutions, the policy was always to choose the best and the most secure software products, for this, we have chosen the FinnOne™ solution from Nucleus Software”.
Nucleus’ flagship product FinnOneTM is the “No. 1 Best Selling Retail Lending Software” globally. (IBS Publishing* for the year 2006).
With over 141 clients across the globe Nucleus is a fast - growing player with a leadership position in regions spanning APAC, Europe, Middle East and Africa. Nucleus, today commands leadership position in the domestic retail banking space with a client base comprising most leading banks in India. Experiencing exponential growth in the retail banking scenario, Nucleus is focused to deliver strong technology offerings, enabling financial institutions to meet the demands of the dynamic business world.About Mashreq Bank
Mashreqbank is the largest private bank in the UAE. It is also the country’s second oldest commercial bank, having originally been established as Bank of Oman in 1967 and changing its name to Mashreq – which in Arabic means both sunrise and the East – in 1993.
With 46 branches in the UAE, four in Qatar, two in India and one each in Bahrain, Egypt, Hong Kong, United Kingdom and United States of America, its considered to be one of the fastest growing banks in the region. Mashreq Bank has received numerous international awards, particularly for quality management. According to independent researchers it has more ISO certified operations than any other bank in the region “by a wide margin”. *About International Banking Systems (IBS):
The IBS Sales League Table is compiled by IBS Publishing, UK based on a worldwide survey of sales of banking solutions to new named banking wins in the calendar year including Commercial, Retail and Private banking solutions. IBS is an independent research and publishing house dedicated to the wholesale, retail and private banking systems market. This survey is increasingly recognized globally as the only one of its kind that independently tracks the financial products marketplace. IBS is known for their objective coverage of the financial services systems market, cutting through supplier hype, with investigative news, features and surveys.