25 October 2004 LAWFUEL – Law, securities, banking law, legal, law firm newsNorton Rose’s CMT team has successfully advised International Moscow Bank (IMB) on its agreement with i-flex Solutions B.V, a subsidiary of Indian core banking software provider i-flex Limited, in relation to the customisation, licensing, implementation and support of its Flexcube core banking software product for the Russian market.
Gennady Lukyanenko, legal counsel for IMB, said:
“This was an important contract for IMB. Norton Rose’s expertise in cross border software and services transactions helped the parties to achieve a clear practical division of responsibilities that will facilitate the implementation and support of this core application.”
Mike Rebeiro, head of Norton Rose’s CMT team commented:
“This completes another successful Indian transaction for our software development and business process outsourcing unit and highlights the rationale for our latest hire, Biju Varghese. Biju is an Indian lawyer who worked as an IT and outsourcing specialist at the leading Indian software and business process outsourcing company WIPRO until his recent move to Norton Rose.”
The Norton Rose team was lead by Mike Rebeiro, CMT associate Marcus Evans and assisted by associate Tom Sebire.
IMB is a Russian commercial bank with international capital. It specialises in providing services for corporate and private clients, as well as in corporate financing and treasury operations. It was the first Russian bank to operate on the international financial markets. It also pioneered contacts with foreign government export credit agencies and international finance organisations. Credit lines available to IMB from European Bank for Reconstruction and Development (EBRD) and from leading foreign banks are among the largest in Russia. As a leading provider of financial services, the bank operates on the principles of reliability, quality and honesty, and sets high standards of corporate conduct.
i-flex Limited, based in Bangalore, India, is a market leader in providing IT solutions to the financial services industry throughout the world, including the FLEXCUBE product, an end-to-end product suite for retail, consumer, corporate, investment and internet banking, asset management, and investor servicing.
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