COR Financial Solutions acquires ABS Group products to create banking software powerhouse 

Westchester introduces COR to ABS to facilitate successful transaction

LONDON – September 26, 2002

Westchester Associates Limited (www.westchester.co.uk) today announced that it facilitated the introduction that resulted in the successful acquisition of the products of London-based multinational ABS Group by COR Financial Solutions (www.corfinancialsolutions. com).

COR Financial Systems, a leading provider of software for banking, trading and asset management, acquired the products of the ABS Group to expand its banking division, COR Intelligent Banking Solutions. The expanded division will bring together the products of the ABS Group with COR’s existing internet banking range. The combined entity will boast one of the most impressive ranges of banking software products and services under one roof, from the very latest Java-based internet banking technology at one end through to business critical back office systems at the other.

The ABS products which COR acquired are used by 150 banking organizations across North America, Europe and Asia, including JP Morgan Chase, ING Barings, State Street bank, Comerica Bank, FleetBoston Financial and BNP Paribas.

The COR Group board, headed by Chairman and CEO Steve Osborne, took the decision to expand the company’s banking division in line with the growing global market for banking software. Westchester Associates introduced the opportunity to acquire the ABS Group products to COR, and Mr. Osborne remarked, “I appreciate Westchester introducing us to the opportunity to acquire the ABS Group products. They certainly understand the banking software market and clearly identified that the ABS Group products would make an excellent addition to the COR Financial Solutions product line. We value the service Westchester has provided to us and to the completion of a successful transaction. We look forward to using Westchester for future transactions.”

About COR Financial Solutions

COR Financial Solutions Ltd. provides software solutions to the financial services industry. Each division of COR Financial Solutions offers specialist software, integration and consultancy services to a specific market sector.

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