BluePhoenix Solutions (NASDAQ: BPHX), has recently signed two new deals valued at over $5 million for two large European banks.
Blue Phoenix solutions offer financial institutions a unique platform to reduce operating and maintenance costs of their IT assets, which is of critical importance now, with the banking industry worldwide in crisis mode. These two deals reinforce the market opportunity for Blue Phoenix and demonstrate that the company's ability to close large deals from its growing pipeline for potential business has remained robust during this recent economic downturn.
"BluePhoenix has an outstanding track record of working with banks to help them reduce total cost of ownership around more efficient, flexible and reliable platforms," said Yaron Tchwella, president of BluePhoenix Solutions. "Our unique modernization resources are helping our clients meet their cost-cutting mandates while they migrate their legacy IT systems to modern-day platforms. We look forward to the opportunity to work with these two customers and continuing to take advantage of what we see as an excellent business opportunity in front of us."
Showing posts with label European banking. Show all posts
Showing posts with label European banking. Show all posts
Monday, 13 October 2008
Sunday, 12 October 2008
EU Leaders Agree Bailout
EU politicians and financial executives have agreed to inject billions of euros into banks in an effort to stabilize and restore confidence in the world financial system.
The basic plan follows that of Britain', with the governments taking direct equity stakes in distressed banks and guaranteeing bank lending for up to five years. France and Germany are expected to release national packages worth billions of Euros on Monday. Some figures have been bandied about, Germany is considering a plan to inject 50 billion to 100 billion euros into its banks, with a price tag for all of the new measures reaching as much as 400 billion euros, or $536 billion, according to a person briefed on the government’s work.
“The meeting that we had was exceptional,” President Nicolas Sarkozy of France, said at a news conference. “We need concrete measures, we need unity. That’s what we achieved. The plan on which we agreed today will be applied in all our respective states.”
The Belgian finance minister, Didier Reynders, said, “We are committed in all European states to recapitalize banks if we establish a threat to solvency and a risk to the economy....The goal is to kick-start the interbank lending market,” he said.
Additionally unfreezing the commercial paper market used by companies to finance their businesses, is to be an aim of the plan.
Contrary to Britain or the US, a price tag has not been put on the rescue package.
“Our goal is to have coordinated action for the euro zone,” Angela Merkel, the German chancellor, said, and the meeting “is a very important signal for the strength of the euro zone.”
The basic plan follows that of Britain', with the governments taking direct equity stakes in distressed banks and guaranteeing bank lending for up to five years. France and Germany are expected to release national packages worth billions of Euros on Monday. Some figures have been bandied about, Germany is considering a plan to inject 50 billion to 100 billion euros into its banks, with a price tag for all of the new measures reaching as much as 400 billion euros, or $536 billion, according to a person briefed on the government’s work.
“The meeting that we had was exceptional,” President Nicolas Sarkozy of France, said at a news conference. “We need concrete measures, we need unity. That’s what we achieved. The plan on which we agreed today will be applied in all our respective states.”
The Belgian finance minister, Didier Reynders, said, “We are committed in all European states to recapitalize banks if we establish a threat to solvency and a risk to the economy....The goal is to kick-start the interbank lending market,” he said.
Additionally unfreezing the commercial paper market used by companies to finance their businesses, is to be an aim of the plan.
Contrary to Britain or the US, a price tag has not been put on the rescue package.
“Our goal is to have coordinated action for the euro zone,” Angela Merkel, the German chancellor, said, and the meeting “is a very important signal for the strength of the euro zone.”
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