Investec and Intuit Services Europe in Joint Agreement - Investec is First Financial Institution to Connect to QuickenOnLine

Business Wire, March 7, 2000

Business & Technology Editors

LONDON--(BUSINESS WIRE)--March 7, 2000

Investec Group, the specialist international banking group, and Intuit Services Europe ("ISE"), a leader in on-line banking and e-commerce solutions, today announced that they have entered into a joint agreement whereby QuickenOnLine will be branded as part of Investec's on-line offering.

QuickenOnLine is a personal financial management tool offering the most popular features of Intuit's award winning Quicken software, in a web application. ISE introduced QuickenOnLine in September 1999 to target financial institutions looking to deliver personal finance management along with internet-based banking. Investec is the first financial institution to sign an agreement with ISE to offer QuickenOnLine to its clients.

Brad Fried, Investec Bank UK's Chief Operating Officer, commented:

"Investec is very excited to be the first financial institution to have entered into this agreement offering Quicken, which is recognised as the market leader in the field of personal financial management software. This internet-based service positions us well to enhance our overall offering and to continue to add distinctive value to our clients internationally."

Recently Investec was ranked fourth in a survey of the top 50 global banks.(a)

Alan Routledge, Managing Director of ISE, said:

"Investec is a rapidly growing organisation with an eye to the future. We are really pleased they have taken the decision to offer their clients access to QuickenOnLine, which gives them a single place to look after all their finances. QuickenOnLine is a major part of our plans for the future. The ability to provide added value services to Investec's customers on its own website is something we are certain will be of interest to other financial institutions and it is encouraging that Investec have placed their confidence in this innovation."

The agreement between Investec and ISE is ongoing and both companies will work closely together to develop and continually upgrade the product. It is anticipated that selected Investec clients will be able to connect to the Investec branded QuickenOnLine on a trial basis within the next few weeks. Details of this service will be announced in due course.

Chris Loker, Investec's Head of Retail Banking, Europe, added:

"It is anticipated that on-line financial services will be the fastest growing on-line sector with anticipated growth in excess of 30% per annum over the next few years. Investec intends to take advantage of this growth by ensuring that we are at the forefront of any developments in our marketplace. QuickenOnLine will allow us to develop cutting edge on-line finance products and services for our high net worth clients and will assist us in our ambition to be a significant force in the provision of on-line financial advice and management."

Notes to Editors

Investec Group

Investec Group is an independent, international asset management, investment and private banking group, which focuses on providing its select clients with specialised financial services.

Investec Bank (UK) Limited, part of the Investec Group, offers both private and corporate clients a range of core banking services, which are complemented by a strong emphasis on client service and relationship banking. The Bank has adopted a specialist approach offering a highly efficient and centralised service from its single location in the City. The Bank's core philosophy is to build highly focused business units which provide specialised and tailor-made products and services. The specialist focus and efficient operating structure enables Investec Bank to combine traditional banking professionalism and values with an entrepreneurial and highly flexible approach to serving its clients.

Website: www.investec.com

Intuit Services Europe

Established in 1996, ISE is a joint venture between Intuit Inc., and European Technology and Finance Investment NV. The company helps banks and financial institutions to deliver on-line financial services profitably by integrating popular consumer finance applications with on-line financial services. By harnessing emerging technologies and the growing popularity of personal and small business finance software, ISE helps banks to exploit the full potential of the on-line delivery channel.

ISE offers a range of services, including bespoke solutions for on-line banking. These include solutions based on ISE's award winning personal finance technology, Quicken.

Website: www.intuit-services.com

(a)The Banker, February 2000