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