Luxembourg, February 1, 2016 –INTRASOFT International has signed a contract with MWALIMU Commercial Bank (MCB) for the supply, installation and maintenance of PROFITS^®, INTRASOFT International's Core Banking System. The project, which will run for 5 years (12-month implementation and 4-year maintenance), adds Tanzania to the group of African countries where INTRASOFT International is delivering high-quality products and services to its customers.

The PROFITS^® Core Banking System was selected after a very competitive and thorough selection process of an international tender. The System is utilizing business rule-based architecture and modularity to adapt to the specific needs of any financial institution, thus fully meeting its operational needs and ensuring rich business functionality and scalability. The project is starting in February, with the aim of being fully operational at the Bank opening before this summer.

This recent award will add to the Banking projects that INTRASOFT International has delivered or is currently implementing in Africa, as the company's five-year strategic plan to further penetrate the East African market is unfolding.  As a part of this plan, INTRASOFT International has also recently established its subsidiary in Nairobi, Kenya, to advance its activities in the African continent.

During the signing of the agreement, Mr. Herman Kessy, MCB Board Chairperson, commented: “The agreement has set the stage for the Bank to be ready to serve Tanzanians in a few months. The installation of such a software system will optimize our operations, by creating a modern Bank, while remaining abreast of technological trends that give us the opportunity to successfully meet and exceed our customers' expectations, as we prepare ourselves to open our doors to them in May.”

Mr. Alexandros Manos, Managing Director of INTRASOFT International  commented: “We are very proud to have been selected by MWALIMU Commercial Bank as its Core Banking vendor of choice. This is a project of strategic value for INTRASOFT INTERNATIONAL, as it is our first success in Tanzania and a solid next step in our company's strategic plan to grow its presence and market share in Africa.”

###

About MWALIMU Commercial Bank (MCB):

MWALIMU COMMERCIAL BANK PLC is a newly licensed Commercial Bank  by  the Bank of Tanzania. The Bank's major shareholders include Tanzania Teachers' Union (TTU), Public Service Pension Funds (PSPF), National Health Insurance Fund (NHIF) and the general public. MCB expects to open doors in May with a capital base of Tshs 31 billion. The capital was obtained by selling shares to the public at Tshs 500 per share. Last month, the Bank was listed at the Dar es Salaam Stock Exchange (DSE).

About INTRASOFT International:

INTRASOFT International is a leading European IT Solutions and Services Group with strong international presence, offering innovative and added-value solutions of the highest quality to a wide range of international and national public and private organisations. The company employs more than 1,600 highly-skilled professionals, representing over 20 different nationalities and mastering more than 18 languages. With headquarters in Luxembourg, INTRASOFT International operates through its operational branches, subsidiaries and offices in 17 countries: Belgium, Bulgaria, Denmark, Cyprus, Greece, Jordan, Kenya, Moldova, Morocco, Romania, Palestine, Philippines, UK, UAE, USA and Yemen. More than 500 organizations in over 70 countries worldwide (Institutions and Agencies of the European Union, National Government Organizations, Public Agencies, Financial Institutions, Telecommunication Organizations, and Private Enterprises) have chosen the company's services and solutions to fulfil their business needs. www.intrasoft-intl.com

Information for Press only

Kalliopi CHIOTI, Communications & CSR Manager, INTRASOFT International

Tel. +352 44 10 12 2178 & +30 6951 008800

E-mail: Kalliopi.Chioti@intrasoft-intl.com