i-flex Solutions Ltd has informed BSE regarding a Press Release dated May 15, 2008 titled “Kotak Mahindra Bank Selects “FLEXCUBE Private Banking”

Press Release:

“i-flex® solutions announced today that Kotak Mahindra Bank, a leader in the area of wealth management, has selected “FLEXCUBE Private Banking” - i-flex’s holistic wealth management solution. “FLEXCUBE Private Banking” will help Kotak Mahindra Bank, manage relationships with high net worth individuals comprehensively.

“FLEXCUBE Private Banking”, gives us the opportunity to address high net worth individuals comprehensively and provides us with a competitive edge. The implementation is in line with Kotak Mahindra Bank’s commitment to offer quality service to customer needs. With “FLEXCUBE Private Banking” we have added the capability to address and retain specific customer segments. The solution will support a complete range of investment products including mutual funds, insurance deposits etc.,” said Mr. K V S Manian, Group Head Retail Liabilities and Branch Banking, Kotak Mahindra Bank.

The Kotak Group has a net worth of over Rs 5,824 crores and services around 4.4 million customers. The Group has branches in major cities in India apart from offices in New York, London, Dubai, Mauritius and Singapore.

“We are delighted that Kotak Mahindra Bank has chosen “FLEXCUBE Private Banking”. It will enable the bank to extend its core banking solution seamlessly and increase customer loyalty and service levels. The solution empowers institutions to shift their approach from a ‘one size fits all’ to a personalized model,” says Mr.N R K Raman, Managing Director and CEO, i-flex solutions.