RBC wins World Bank tender
Moscow, September 9, 2004 - OAO "RBC Information Systems" (RTS, MICEX: RBCI) in association with Informal Sector (IRIS), a company at University of Maryland (USA), won a World Bank tender and signed a contract for "The Creation of a Modern Secured Financing System Involving Movable Property for the Russian Federation". The Russian Finance Ministry acts as a customer. The project is funded by the World Bank and managed by the Non-commercial Foundation for Enterprise Restructuring and Financial Institutions Development (FER).
Financing secured with movable property is among the main driving forces of business activities worldwide, but it has not become widespread in our country yet, due to imperfect legislation and the lack of proper IT infrastructure.
The main aim of the project is to work out recommendations regarding amendments to Russian law that would eliminate contradictions hampering the development of financing secured with movable property, as well as to develop an IT system that would keep track and control such transactions. RBC's role in the project is to conduct analysis of the Russian legislation as well as to create and implement the IT system. This task will be carried out by RBC's IT subsidiary RBC SOFT. IRIS will develop a general concept for the implementation of the project and recommendations regarding necessary amendments to law as well as provide training for customer employees.
"This is not the first international project that we have been involved in," RBC Chairman & CEO German Kaplun emphasized. "But it sure is one of the most significant for our country. Crediting is crucial for the normal functioning of an economy, and RBC is proud to be able to contribute to the establishment of a credit infrastructure."
Investor contact: Natalia Makeeva
Tel: +7 (495) 363-1111 (ext. 1369), e-mail: ir@rbc.ru, Web: www.rbcinfosystems.com.
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