In mid-February, a contract ·worth approximately 5 million EUR- was signed between the COMMERCIAL BANK OF GREECE (Cyprus) Ltd and INTRACOM for the provision, implementation and maintenance of the Bank's Integrated IT Banking system, based on INTRACOM's banking solution PROFITS?. INTRACOM's PROFITS? was selected following an international tender, in which several large Greek and international companies of the field participated.

The core banking solution PROFITS? is a Customer-centric Banking System, whose design and architecture has been based on the most modern and internationally recognized banking and technological practices which fully covers all required needs for the operation of the COMMERCIAL BANK OF GREECE (Cyprus) Ltd, (e.g., Customer & Product Management, Deposits, Contracts, Loans, Collaterals, Foreign Exchange, Funds Transfer, Third-party payments, Securities, General Ledger, Budgeting, Cost Allocation, User security & Electronic Authorizations, Teller/ Branch Support, Parameters Administration, and Management Information System (MIS) based on Data Warehousing technology).

According to Mr. George Michelis, Chairman of the Commercial Bank of Greece (Cyprus) Ltd, ?the Bank, with the increase of its number of branches, which has been scheduled for the next two years, and the operation of its new Integrated IT Banking System PROFITS? , aims at considerable expansion of its business activities and the increase of its share in Cyprus' retail banking market ?.

According to Mr. Dimitris Plagiannis, General Manager of INTRACOM's Banking and Insurance Systems Division, ?PROFITS? will be put in productive operation, fully customized to the Bank's operational demands, before the end of this year. Emphasizing upon the importance of this project, Mr. Plagiannis stated that ?on the one hand, our cooperation with the COMMERCIAL BANK OF GREECE (Cyprus) Ltd consists a particular honor for us, since we are presented with the opportunity to prove that our products and services αre of the most competitive ones in the international IT banking market. On the other hand, we are very pleased to assist the Bank in acquiring a modern customer-centric 24-hour on-line real-time system, enabling the distribution of new banking products and the use of alternative customer contact channels, such as ATM, phone, internet, etc?. Additionally, the relevant contract provides that Intracom will also outsource ATM management / support services to the Bank