STOCKHOLM, Sweden, Feb. 6, 2003 (PRIMEZONE) -- OM (Other OTC:OMGPF) (Stockholm:OM) is sharpening its focus on the customer segment that includes banks and financial institutions by establishing a new business area called Banks & Brokers. To a great extent, the new business area is based on what was earlier a part of the Broker Services business area, including the unit that is under the supervision of the Swedish Financial Supervisory Authority, and other business units within OM in Stockholm, London and New York that target banks and brokerage firms. OM is now consolidating its leading expertise in products and services for banks and brokerage firms in one business area to be headed by Klas Stahl. The new organization is effective January 1, 2003. The reorganization is expected to result in synergies, which could lead to redundancies.
Today, Banks & Brokers offers system solutions, operation services and back-office-for-hire solutions for banks and brokerage firms primarily in the Nordic region, Europe and North America. On behalf of its customers, Banks & Brokers manages about 430,000 end-customer accounts and handles almost 8 million transactions per year. The new business area's expected turnover is approximately SEK 400 m.
"By consolidating the areas of our business that share a common customer base, we are creating a business area that will strengthen all of OM's business and allow us to better focus on our customers and on future growth," said Magnus Bocker, Chief Operating Officer and Vice President, OM.
"With the starting point in OM's strong brand as an important participant in the world's financial markets with leading technology and market expertise, I see great potential in developing our business," said Klas Stahl, the new Head of Business Area, Banks & Brokers. Klas Stahl joins OM from his own consultancy. Prior to that, he was senior partner at Accenture's global market unit, Financial Services. As a consultant, Stahl has also worked closely with OM for some time. Conny Andersson, who was responsible for the former business area Broker Services, will lead and coordinate quality enhancement projects within OM's technology operations, with a focus on creating a new view of service.
OM is a world-leading provider of transaction technology. OM offers system solutions as well as managing the systems operations for banks, brokerage firms, clearing houses and other financial institutions including participants on the world's energy markets. OM has more than 100 customers in 20 countries throughout the world. OM owns and operates exchanges and clearing organizations. OM is listed on Stockholmsborsen. www.om.com. For additional information or comments, please contact:
Magnus Bocker, COO and VP, OM +46 8 405 66 44 Klas Stahl, Head of Banks & Brokers, OM +46 8 405 60 35 Anna Eriksson, VP Brand and Communications, OM +46 8 405 66 12 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/06/20030206BIT00280/wkr0001.pdf