German HVB unit halts i-flex project

By siliconindia   |   Tuesday, 16 March 2004, 20:30 IST
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BANGALORE : A subsidiary of HVB Group has halted a project of Indian software firm i-flex solutions, but Germany's second-largest bank is open to using i-flex at other subsidiaries, a spokesman said on Monday. "The (i-flex) project with Financial Markets Services Bank has been stopped due to a change in HVB Group's general strategy in German transaction banking, where FMS Bank is one of the major players," Munich-based Knut Hansen of HVB Group, told Reuters in an e-mail response to a query. FMS Bank has been the first HVB unit to use the i-flex product, with a launch date of end-2003. Bombay-based i-flex said last May it had signed a deal with HVB Group, to roll out its key banking software package Flexcube, in up to 50 subsidiaries of the bank in about five years. "The basic agreement gives all HVB Group subsidiaries the possibility to purchase Flexicube at fixed conditions. Whether the independent units will do and in which time frame I cannot comment," Hansen said.