Arbift awards Dh3m IT contract

The Arab Bank for Investment and Foreign Trade (Arbift) has awarded a Dh3 million contract to the local Intertec Systems LLC for revamping the bank's IT infrastructure.

Arbift also plans to open a new branch in Sharjah soon and eight pay offices across the country. Under the contract, Intertec Systems will implement the IT infrastructure required for Internet, messaging, networking, intranet, e-mail, and security and management solutions.

Arbift general manager Ibrahim Nasser Rashed Lootah said: "We plan to have new banking software soon to move more aggressively into the retail and corporate banking business arena, which has been a key strategic aim for us, following the appointment of a new team."

He added that a good software application needs a good IT infrastructure and security systems to be effective and deliver the desired results.

"We contacted several IT companies and asked them to propose a total IT infrastructure solution, and Intertec scored over others by proposing an excellent technology solution with high quality products."

Naresh Kothari, president and managing director, Intertec Systems, said his company is happy to be a partner in Arbift's aggressive expansion and modernisation plan. "We have been associated with Arbift for the last 10 years and this new deal is the result of their confidence in our ability to provide high quality solutions."

Arbift, the only bank in the UAE part owned by the federal government, was set up in 1976 with a paid-up capital of Dh570 million.

The bank has ambitious plans to expand in the areas of retail and corporate business. Currently, it has four branches and plans are on tap to expand the branch network and the ATM network to cover the whole of the UAE.

"A fifth branch is scheduled to open for business in Sharjah shortly. The bank also plans to open eight pay offices in the country to offer full banking services to the customers."