SNORAS Bank selects Financial Studio as its Basel II and Regulatory Reporting Solution for Latvia and Lithuania

Vilnius/Ghent – November 5 2007. SNORAS Bank selects Financial Studio as its Basel II and Regulatory Reporting Solution for Latvia and Lithuania.

Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that SNORAS Bank has selected Financial Studio for the provision of Basel II and Regulatory Reporting for both its operations in Latvia and Lithuania.

SNORAS Bank is the second major bank in Lithuania to choose Financial Studio, reinforcing Financial Architects' position in the region. Regulatory timescales are such that banks find it increasingly necessary to select solutions providers that offer not only a sophisticated software product, but also competence, experience and confidence in delivering such solutions against aggressive regulatory time pressures.

FinArch has gained considerable experience in implementing Basel II solutions over the last two and a half years. Whether based on a consolidated risk and finance Datawarehouse, or as a rapid delivery solution (FinArch's Basel II Express solution), FinArch offers reassurance to its customers that their regulatory obligation will be met.

Financial Studio has been rated by Gartner as one of the leading global solutions for Basel II. It is one of the few solutions available which has an integrated regulatory reporting tool. Financial Studio's Basel II solution is part of a broader solution offering more advanced functionality for capital management, accounting, reporting and financial MIS. Financial Studio uniquely combines finance and risk data in a single repository providing a strong solution for IFRS, RAROC, Economic Capital, General Ledger, Subsidiary Ledger and Trading Ledger.

Gitanas Kancerevycius, Head of Risk Management at SNORAS Bank comments, "It was essential for us to consider the reputation and track record of success in selecting our Basel II solution provider. FinArch gave us the confidence we need in order to rest assured that we will meet our reporting obligations. The software solutions from FinArch will also allow us to grow in the future without the need to re-visit the solution selection process. As a vendor with strong local presence in the Baltic region, we look foward to a long term partnership with FinArch."

The importance to FinArch of the SNORAS Bank relationship is paramount to FinArch's continued global expansion. "I am delighted that SNORAS has demonstrated such confidence in our solutions and the competence of our implementation team. It clearly demonstrates that Banks are subscribing to the FRP concept and are not simply seeing Basel II as a regulatory reporting issue." says Nigel Lee, Vice President for Global Business Development at FinArch. "We have entered a number of new key geographical markets in the last 12 months; it is very encouraging to see our market position being strengthened already in some of those markets." Lee adds.

FinArch's Basel II solution embraces much more than a basic, rapid, short term compliance solution. It enables the banks to meet regulatory demands for strictre compliance, while at the same time gaining additional business benefits by improving reporting flows, increasing return on IT investment, and turning compliance into a cost-saving exercise. It is a future-proof solution, as it guarantees automatic future compliance through the software updates on supervisory changes that we provide as part of our continuous commitment to our customers. It also supports expansion from a Basel II Standardised Approach into IRB. And as it shares a common data model with the more advanced Financial Studio capital management solutions, it ensures a smooth transition to an advanced risk package, or to a complete FRP (Finance Resource Planning) platform, in case the bank should wish to embrace one intergated solution that leverages the convergence between compliance, accounting, MIS and risk management issues.

About SNORAS Bank

In fifteen years of operations Bankas SNORAS has become one of the largest banks in Lithuania. The bank manages the most expansive customer service network in the country, including ten branches, 9 branch outlets, 227 savings outlets and 328 ATMs. Presently, almost 1100 employees work in the bank, among them 529 - customer service specialists. The number of Bankas SNORAS customers is nearing one million.

Bankas SNORAS manages the controlling holding of shares of the oldest and the largest in terms of the customer service network bank in Latvia "Latvijas Krajbanka".

Bankas SNORAS directly manages five subsidiaries in Lithuania and indirectly (through Latvijas Krajbanka) - five subsidiary companies in Latvia, which provide Lithuanian and Baltic market participants with real estate management, constructions and renovation, money, leasing and securities funds management services.

Bankas SNORAS has its representative offices in Belgium, Czech Republic, Estonia, Latvia, Ukraine and Belarus. Currently, the bank is recognizing its representative office in Talinn into the branch and has started the establishment of a branch in London and representative office in Shanghai.

International financial managazine The Banker announced Bankas SNORAS Bank of the Year 2006 in Lithuania.

www.snoras.com

About FinArch

FinArch (Financial Architects nv), with offices in the major financial centres worldwide, is a global value leader in providing a new generation of financial management software. The concept of the platform and the integrated approach of the different modules enable innovative financial institutions to quickly implement tactical solutions meeting the overall strategic objectives in financial reporting.

FinArch provides a unique blend of domain expertise, operational services, and technology solutions that accelerate and facilitate financial institutions' ambition to implement a cost effective and reliable financial management platform.

www.finarch.com

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