BEIJING, Aug. 4 YTEC-Bank-of-Ningbo
BEIJING, Aug. 4 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies
Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to
China's banking industry, announced today it will provide its industry-leading
e-banking solution to the Bank of Ningbo (BoN), a leading, publicly listed
city commercial bank. Yucheng's e-banking platform will replace the bank's
existing system and provide significantly enhanced functionalities and
operating efficiencies.
Due to the growth potential and revenue opportunities, Yucheng is actively
diversifying into the small and medium-sized banking (SMB) sector. SMBs
typically value total solution providers en lieu of a multitude of single-
product vendors. As a premium solution provider capable of servicing a wide
spectrum of SMB needs, Yucheng has successfully leveraged its brand name, its
proven experience and its deep IT knowledge of the banking sector in China to
extend its customer base beyond top-tier banks. At present, Yucheng has
already established working relationships with many leading regional and city
commercial banks in China, including Bank of Beijing, Bank of Shanghai,
Hangzhou City Commercial Bank, and Bank of Nanjing.
''We are pleased to have BoN as a new client,'' stated Weidong Hong, CEO
of Yucheng. With the IPO of many leading city commercial banks, and the
introduction of more strategic investors, an increasing number of SMBs have
greater access to capital and are making significant investments in IT
infrastructure to remain competitive. We expect the percentage of our revenue
from SMBs will continue to grow, and we will be able to enjoy more favorable
contract terms than those with our tier-one bank customers."
About Yucheng Technologies Limited
Yucheng Technologies Limited (Nasdaq: YTEC) is a leading IT service
provider to the Chinese banking industry. Headquartered in Beijing, China,
Yucheng has more than 2,000 employees and has established an extensive network
for serving its banking clients nationwide, with subsidiaries and
representative offices in eighteen cities. Yucheng provides a comprehensive
suite of IT solutions and services to Chinese banks including: (i) channel-
related IT solutions, such as web banking and call centers; (ii) business-
related processing solutions, such as core banking systems, foreign exchange
and treasury management; and (iii) management-related IT solutions, such as
risk analytics and business intelligence. Yucheng is also a leading third
party provider of POS merchant acquiring services in partnership with banks in
China.
About Bank of Ningbo
Founded in April 1997 with registered capital of RMB 2.05 billion, BoN is
among one of the best performing city commercial banks in China. As of June
30, 2008, BoN had USD13 billion in assets and operates 78 branches in Ningbo
and Shanghai, two highly affluent cities in China. Listed on the Shenzhen
Stock Exchange in July 2007, the Bank was awarded ''The Best Chinese City
Commercial Bank'' by The Chinese Banker magazine in 2006 and 2007.
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Forward-looking statements generally
can be identified by the use of forward-looking terminology, such as ''may,''
''will,'' ''expect,'' ''intend,'' ''estimate,'' ''anticipate,'' ''believe,''
''project'' or ''continue'' or the negative thereof or other similar words.
Such forward-looking statements, based upon the current beliefs and
expectations of Yucheng's management, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking statements.
The following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: current dependence on the
PRC banking industry demand for the products and services of Yucheng;
competition from other service providers in the PRC and international
consulting firms; the ability to update and expand product and service
offerings; retention and hiring of qualified employees; protection of
intellectual property; creating and maintaining quality product offerings;
operating a business in the PRC with its changing economic and regulatory
environment; and the other relevant risks detailed in Yucheng filings with the
Securities and Exchange Commission. The information set forth herein should be
read in light of such risks. Yucheng assumes no obligation to update the
information contained in this press release.
For further information, please contact:
US:
Mr. Jim Preissler
Tel: +1-646-383-4832
Email: jpreissler@yuchengtech.com
Beijing:
Ms. Rebecca Alexander
Tel: +86-10-5913-7998
Email: investors@yuchengtech.com
SOURCE Yucheng Technologies Limited
