National Bank of Greece extends commitment to Algorithmics and Systemic for operational risk management

National Bank of Greece extends commitment to Algorithmics and Systemic for operational risk management

Toronto/London/Athens -- Algorithmics announced today that National Bank of Greece (NBG), the largest financial institution in Greece, has selected Algorithmics' operational risk solution, Algo OpVar, to meet its operational risk management requirements.

NBG performed a thorough evaluation of vendor solutions before selecting Algorithmics' operational risk solution. The selection extends NBG's existing market risk relationship with Algorithmics and is a reflection of the bank's ongoing investment in enterprise wide risk management across all its operations in Greece and the Balkans.

NBG will use Algo OpVar, Algorithmics' award winning operational risk solution, to measure and manage its exposure to operational risk. The implementation will be supported locally by Systemic Risk Management, an Athens-based risk management solutions provider and an Algorithmics partner in the region.

Michael Oratis, General Manager of Risk Management at NBG, remarked that: "As part of our long term risk management strategy we used consultants to design our risk framework and then chose Algorithmics' operational risk software, Algo OpVar, to meet our requirements for full functionality and comprehensive risk management. Our selection process was extensive andinvolved all the major risk system vendors. We chose Algorithmics because their solution best fitted our needs and because they are able to go live quickly. In addition, their content and advisory services integrate with and augment their software to provide a unique operational risk management solution for us." John Winter, Senior Vice President, Operational Risk Solutions, Algorithmics, said: "We are delighted that the leading bank in Greece has again chosen Algorithmics' risk management software. NBG has broadened its risk management portfolio and will be using Algo OpVar to bring operational risk and compliance into its risk management process. Together with Systemic Risk Management we look forward to implementing a system that will enhance NBG's enterprise risk management capabilities across the bank." Aristides Protopapadakis, Managing Director of Systemic Risk Management, added:"The financial crisis has highlighted the need for financial institutions across the world to strengthen their risk management capabilities, including in the domain of operational risk. In this context, we are very excited to have been selected by NBG which is well respected for its sound risk management and also for partnering with Algorithmics which is the world's leading provider of risk solutions." For more information about Algo OpVar, please see: www.algorithmics.com/EN/services/22-prodserv.cfm

Notes to Editors:

National Bank of Greece, the oldest and largest among Greek banks, heads the strongest financial group in the country. It boasts a dynamic profile internationally, particularly in Southeastern Europe and the Eastern Mediterranean. Founded in 1841 as a commercial bank, NBG enjoyed the right to issue banknotes until the establishment of the Bank of Greece in 1928. It has been listed on the Athens Stock Exchangesince the latter's foundation in 1880. Since October 1999, the Bank has been listed on the New York Stock Exchange. The NBG Group provides a full range of financial products and services that meet the constantly changing needs of corporate customers and private individuals, including investment banking services, brokerage, insurance, asset management, leasing and factoring.

Algorithmicsis the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com Algo OpVaris a fully integrated, pre-configured software solution for identifying, managing, measuring, and mitigating operational risk, which helps institutions successfully meet their regulatory, governance, and compliance goals. Designed to capture a virtually unlimited number of operational risk and compliance factors, Algo OpVar Standard Edition provides a transparent system that helps business units and risk officers enhance operational risk management. Individual users can analyze, monitor, and report any of these factors, individually or in context of their associated relationships. The software integrates proven methodologies through a flexible, user-friendly interface. As an 'out-of-the-box' offering, Algo OpVar Standard Edition enables firms to bypass lengthy customization phases and quickly provide management with a comprehensive, enterprise-wide operational risk framework.

Systemic Risk Management is a leading solutions and services provider in the fields of financial risk management and portfolio management. Systemic Risk Management provides sophisticated, yet affordable and practical risk management solutions with customers including National Bank of Greece, HSBC Bank, Societe Generale, Merrill Lynch International, PIRAEUS Bank, EFG Eurobank Asset Management, the Cooperative Banks of Greece, and many more.

Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings' global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.

The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.

The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.

For additional information, please visit www.fitchratings.com, www.algorithmics.com and www.fimalac.com 2009 Algorithmics Software LLC. All rights reserved. ALGO, ALGORITHMICS, Ai & design, ALGORITHMICS & Ai & design, KNOW YOUR RISK, MARK-TO-FUTURE, RISKWATCH, ALGO ALM, ALGO COLLATERAL, ALGO CREDIT ADMINISTRATOR, ALGO CREDIT DATA SERVICES, ALGO CREDIT ECONOMIC CAPITAL, ALGO CREDIT EXPOSURE, ALGO CREDIT LIMITS, ALGO CREDIT REGULATORY CAPITAL, ALGO CREDITVANTAGE, ALGO ETREASURY CREDIT, ALGO FIRST, FIRST 500, ALGO MARKET ANALYTICS, ALGO OPDATA, ALGO OPVAR, ALGO RECONCILIATION, ALGO RISK, ALGO RISK SERVICE, and ALGO SUITE are trademarks of Algorithmics Trademarks LLC.

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(c) 2009 M2 COMMUNICATIONS Toronto/London/Athens -- Algorithmics announced today that National Bank of Greece, the largest financial institution in Greece, has selected Algorithmics' operational risk solution, Algo OpVar, to meet its operational risk management requirements. NBG performed a thorough evaluation of vendor solutions before selecting Algorithmics' operational risk solution.