Absa Bank Selects PIC Solutions for Consulting Expertise

Cape Town, 11 May 2006 – PIC Solutions has been selected by Absa Bank, one of Africa’s largest financial services institutions, to deliver credit risk consulting support through an enhanced RiskMentor contract.

This RiskMentor contract will ensure that Absa has access to on-going resources from any area of PIC Solutions expertise, including credit risk management consulting, analytics and software services. Absa has committed to an increased level of consulting hours, which can then be used for consulting support, as and when it is needed over the next twelve months. In addition, the RiskMentor contract offers Absa maximum flexibility in achieving the Bank’s objectives of increasing data-driven decision-making whilst increasing their overall profitability.

Tjaart van der Walt, General Manager of Group Credit Shared Services at Absa, states "PIC Solutions understands the challenges of the South African banking industry. The Barclays merger created new initiatives which will be rolled out across all of the Bank’s different divisions. This RiskMentor relationship provides us with a trusted means of obtaining analytical and consulting expertise, whenever it is required and we look forward to maximising new business opportunities with this contract.”

Dave Lewis, Director of Consulting at PIC Solutions, comments, “Absa has expanded this RiskMentor contract to effectively utilise PIC’s skilled resources for a number of new risk management initiatives. PIC Solutions has successfully delivered credit and risk management consulting services to Absa for a number of years and this RiskMentor is an extension of our well-established relationship, which goes from strength to strength.”