KLP to open a bank using solutions from EDB

Oslo, KLP Banken has signed a five-year agreement with EDB for IT solutions and operating services. The agreement, which represents total contract value of NOK 70 million, provides for EDB to deliver a complete solutions portfolio for the new bank.

“We are delighted by the confidence that KLP has shown in EDB by selecting us as its supplier of solutions and services for its new bank. This demonstrates that our solutions are competitive, and meet the requirements of a state-of-the-art internet-based banking operation. Using standardised components where the development costs are shared between a number of customers allows us to offer this kind of package on competitive terms”, explains Wiljar Nesse, Executive Vice President - Bank & Finance at EDB.

“EDB’s long experience with banking solutions was key to our choice of EDB as our IT supplier. Starting a bank in the current turbulent conditions places particular demands on us and on our business partners. Through the contract with EDB, we have found a good partner with in-depth banking expertise as well as closeness to the Norwegian market. EDB will play an important role in ensuring a short lead time for the launch our banking services”, comments Rolf Delingsrud, project leader at KLP.

KLP received its licence to open a bank from the Financial Supervisory Authority of Norway on 29 January 2008. The new bank will open for business in the second half of 2009. KLP Banken will offer market-leading terms, user-friendly self-service and a high level of customer service. KLP’s banking applications will be based on EDB’s standardised solutions portfolio.

EDB’s deliveries to KLP Banken
EDB will provide a complete solutions portfolio for KLP Banken, including branch office solutions, internet banking, money laundering prevention and card services. The bank will also use a new solution from EDB for specialist credit institutions that issue covered bonds. EDB will also provide operating services for the banking systems, and will accordingly meet a large proportion of the bank’s overall IT requirements.

About KLP
KLP - Kommunal Landspensjonskasse - is one of Norway’s largest life insurance companies with total assets of NOK 201.9 billion. The company provides pension, financing and insurance services to the local government sector and the state health enterprises as well as to businesses both in the public and the private sectors.

About EDB
EDB Business Partner is one of the leading IT groups in the Nordic region. The company offers solutions for the full range of business-critical IT services. EDB aims to be a close and attentive partner that leverages its deep industry knowledge and international capabilities to help its customers realise the full potential of IT. The company has local presence in 13 countries, 6,200 employees and an annual turnover of around NOK 8 billion. EDB Business Partner is listed on the Oslo Stock Exchange. www.edb.com