FERNBACH - Partnership amid FERNBACH and the South Korean aggregation KT FDS pays assets with the signing of Woori Bank

Seoul & Luxembourg, 19 May 2009 – KT FDS, a South Korean company, allotment of the KT amassed and accomplice of FERNBACH, a supplier of arch IFRS solutions for the accounts industry, accept been alive calm auspiciously back aboriginal 2008. KT FDS’ assignment as reseller is to action FERNBACH’s FlexFinance® IFRS to South Korean banks, to accommodate abutment and to backpack out maintenance.

From 2010 South Korean banks will be answerable to draw up balances according to the International Financial Reporting Standards. As a aftereffect the banks are beneath accretion burden to acquisition a acceptable solution. In the endure few years KT FDS has begin FERNBACH to be a able and activating partner, which, already again, emphasises the accretion internationalisation of the Luxembourg software house.

The South Korean aggregation offers absolute solutions for accounts advice systems, banking consultancy both for Management and Operations. At the aforementioned time it operates on account of FERNBACH and auspiciously undertakes both the localisation of the artefact FlexFinance® IFRS and the aliment and chump support. In a collective IFRS Competence Centre in South Korea abeyant audience are able to familiarise themselves with FlexFinance® IFRS with the abetment of KT FDS associates of staff. These accept the FERNBACH band-aid installed on their computers and can simulate “real” cyberbanking applications, which makes the clearing of their absolute anniversary apprehension to IFRS decidedly easier for South Korean banks.

Thanks to the affiliation with KT FDS the Woori Financial Group will be alive with FERNBACH’s FlexFinance® IFRS band-aid to accommodated with new all-embracing banking accounting standard.

Arnaud Picut, Managing Director of APAC at FERNBACH, says: “The affiliation with KT FDS has absolutely paid off. Since endure year, if the arrangement was signed, KT FDS has done a lot for FERNBACH and has won Woori Financial Group as a client. FERNBACH plays an added important role in South Korea as a aftereffect and can acknowledge bound and agilely through bounded support. The Competence Centre in Seoul has aswell been actual able-bodied accustomed by the audience and it helps them to adept the challenges of software migration. We are actual admiring with the absurd cooperation and with acceptable the Woori Financial Group. Based on this able abutment platform, we are assured new projects in the advancing months.”

Hoon Chae, Director of the Financial Division at KT FDS, says: “We were agog about FERNBACH’s IFRS band-aid from the alpha and are bartering the software in South Korea with abundant confidence. With the abutment of the Competence Centre we can explain the software anon to the applicant and acclimate it to his own requirements, giving him something concrete. The Woori Bank was captivated with this abstraction and constitutes a cogent applicant in South Korea both for FERNBACH and for us.”

About FERNBACH:

FERNBACH is a all-around baton of analytic solutions for the accounts industry. Modular software bundles for Multi-GAAP accounting, risk, acquiescence and accommodation accredit our barter to optimise business processes.

FERNBACH offers a adult component-based band-aid portfolio which ensures faster time to bazaar and accelerated accomplishing of cyberbanking requirements appropriately mitigating accident and ensuring quality.

Our barter common account from our accumulated ability to affected challenges and to accommodate solutions for approaching success. FERNBACH innovates to maximise the achievement of our clients.

www.fernbach.com

For added data amuse contact:

FERNBACH-Software S.A.
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
5365 Munsbach
LUXEMBOURG

Tel.: + 352 402244-1
Fax: + 352 402244-310