The "Star Alliance" of Leading Asian Banks delivering Personal Financial Management Products and Services through Online
eAsiaFinance.com: The "Star Alliance" of Leading Asian Banks delivering Personal Financial Management Products and Services through Online and Offline Channels New York, March 16, 2001 - eAsiaFinance.com announces the formation of eAF and that eAF has signed a Letter of Intent with a major Korean bank for the provision of personal financial management products and services. eAF's founding shareholders are: Skandinaviska Enskilda Banken ("SEB"), one of the world's leading internet-centric banks; Tata Consultancy Services ("TCS"), the largest software services company in Asia; Ankar Capital Management, a New York based wealth management advisory services company; and Compass Ventures, a financial investor. McKinsey & Company is eAF's strategic advisor. eAF brings together leading edge technology and business know-how from its various shareholders and advisor into a hosted e-business solution for leading banks and financial institutions. From this state-of-the-art platform eAF offers a comprehensive range of wealth management products and services in thirteen Asian countries, using the Internet as a communication and delivery channel in conjunction with the banks' existing distribution networks. eAF, together with its partner banks and institutions, will focus on Asia's emerging "mass affluent" market and offer global and local securities trading, as well as best-of-breed mutual funds, life insurance and various financing planning tools. eAF has signed a Letter of Intent with one of Korea's top banks, to assist it in achieving its ambition of 1 million on-line customers by the end of 2001. Initially, eAF will be installing wealth management functionality for local and international mutual funds, side by side with the bank's online banking functionality, under a common front-end. In addition, eAF will provide assistance to the bank in organizing investment centers, training branch personnel in investment products and supporting their distribution channels through tele-support and eAF "wholesalers." Over time, eAF's delivery platform at the bank will also encompass ebrokerage. "We are able to offer personal financial management products more efficiently by using the Internet as an information dissemination tool. Here SEB's banking and wealth management platform, customized to the unique requirements of each Asian country by TCS, adds to the value proposition of our partnership. Importantly, we are truly 'partnering' with these banks in that we keep upfront implementation costs to a minimum while sharing in the newly-created revenue streams," says Karan Trehan, CEO and President of eAF, "and our partnership with the Korean bank is one such example. We are pleased to be working with such a prestigious institution." Contact: eAF Corporate Communications Office, Attention: Natalie Pinto Tel: +1 212 688 8156 Fax: +1 212 688 6497 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/03/16/20010316BIT00730/bit0002.doc http://www.bit.se/bitonline/2001/03/16/20010316BIT00730/bit0002.pdf