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Agricultural Bank Of China, China's Third Largest Lender, Chose Magic's AppBuilder To Develop Major Banking Application

Stocks in this article: MGIC

OR YEHUDA, Israel, March 18, 2013 /PRNewswire/ --

Magic Software Enterprises Ltd. ( NASDAQ: MGIC), a global provider of software platforms for enterprise mobility, cloud applications, and business integration, announced today that Agricultural Bank of China Ltd. (ABC), China's third largest lender by assets, chose Magic's AppBuilder to develop its new generation of core banking application (the "BoEing", Blue Ocean Engineering), deployed at all of its nearly 24,000 banking facilities.

The application built by ABC using AppBuilder is a key component of the bank's core banking system. The vast application includes more than 20,000 programs and hundreds of thousands of application artifacts, and took a team of 350 developers two years to complete. AppBuilder's comprehensive application development infrastructure enabled ABC to easily deploy the application across a complex distributed environment containing many disparate technologies, including IBM Mainframe, Microsoft Windows, Cobol, C#_WPF, WSDL, DB2 and Sybase.

"We needed a robust solution that would support hundreds of millions of transactions per day and allow us to maintain complete control over the application development along the way," said Mr.Liang, the BoEing project manager at ABC. "For large, long-term projects like this, any delay is extremely costly. Not only did AppBuilder meet our demanding system requirements, it also enabled us to meet our aggressive deployment schedule."

"Forward-thinking banks like ABC, understand that their business is only as good as their underlying technologies," said Arik Killman, CEO of AppBuilder Solutions Ltd. "We are proud to be the development platform of choice for ABC and many other leading financial and Fortune 1000 institutions."

About Agricultural Bank of China

Agricultural Bank of China Limited ("ABC") is one of the major integrated financial service providers in China. Capitalizing on its comprehensive business portfolio, extensive distribution network and advanced IT platform, ABC provides a full range of commercial banking services, including consumer banking, corporate banking, investment banking, investment management, global wealth management, private equity, mortgages, credit cards, foreign currency deposits, loans, international and domestic settlements and currency trading.

At the end of 2011, ABC had over 395 million retail customers (ranking first among all large commercial banks), and nearly 24,000 branches. It is China's third largest lender by assets. ABC went public in mid-2010, fetching the world's biggest ever initial Public Offering (IPO). As of 2011, it ranks 7th in the Banker's "Top 1000 World Banks" list in terms of profit before tax for the year of 2010.

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