Irvine, Calif. -- (May 15, 2003) -- Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced that NIB Capital has selected Fidelity Information Services' Advanced Commercial Banking System ("ACBS") to support the bank's commercial lending operation.
With € 16 billion in assets, NIB Capital is a global capital market enterprise specializing in investment banking and private equity and offers customized solutions for a wide variety of funding issues. Headquartered in the Netherlands, NIB Capital maintains, through subsidiaries, offices in Europe, North America, and Southeast Asia.
NIB Capital operates strategic business units that often need to combine expertise and work together. NIB Capital will use ACBS to integrate silos of legacy lending and financial systems, increase efficiencies in sharing information across the enterprise, streamline business workflow and provide executive management with timely and accurate reporting and analysis.
NIB Capital will use the Deal & Loan Servicing and DataMart components of the ACBS product line.
"We hope that ACBS will provide a reliable, flexible solution capable of handling both simple and complex lending structures for enterprise-wide lending," said Elsbeth Wiersma, Director of Operations at NIB Capital. "We hope that tools such as ACBS flexible instrument definition will enable us to proactively manage our business needs and portfolio expansion."
"NIB Capital is recognized as a skilled specialist in capital markets, with an ability to anticipate and manage a wide range of financial situations," said Richard Levy, president of Fidelity Information Services ACBS division. "ACBS will enhance NIB's ability to create new and innovative solutions to meet changes in the capital markets."
ACBS is an integrated family of commercial lending solutions that automate the entire range of commercial lending activity, from deal origination, syndication, servicing, trading and portfolio management. The products operate in real time in any currency. ACBS products run on Windows and AS/400 platforms or through an Application Service Provider and are licensed by forty-three leading financial institutions, including ABN AMRO, Bank of America, Barclays, Canadian Imperial Bank of Commerce, Dresdner Bank, GE Capital, JPMorgan Chase, PNC and Scotiabank.
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The Company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information Services, which has clients in more than 50 countries. It processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2 trillion and has processing and technology relationships with 48 of the top 50 U. S. banks who rely on Fidelity Information Services' processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the country, including mortgages, is processed on Fidelity Information Services software applications. Fidelity National Information Solutions (NASDAQ: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at www.fnf.com, www.acbs.com, www.fidelityinfoservices.com, and www.fnis.com. More information about NIB Capital can be found at www.nibcapital.com
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 805-696-7218, firstname.lastname@example.org
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