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Leslie Bonacum
Neil Allen

Wolters Kluwer Positions Bankers Systems As A Separate Operating Company To Penetrate New Growth Markets In Banking Compliance Software And Services

(Wolters Kluwer nv, September 25, 2001) – In a move to further enhance its position in the banking, insurance and securities services business, Wolters Kluwer nv announced today that Bankers Systems Inc. (BSI), of St. Cloud, Minnesota, will become a separate operating company within Wolters Kluwer Legal, Tax & Business North America. By positioning Bankers Systems as a freestanding operating company outside of CCH INCORPORATED, Wolters Kluwer will leverage its current position in the growing markets of banking compliance software and services.

After Wolters Kluwer acquired Bankers Systems in 1999, the company became a unit of CCH INCORPORATED, a leading provider of tax, banking and business law information and software, and Wolters Kluwer’s largest operating company. Wolters Kluwer further strengthened the growth potential of Bankers Systems with the acquisition this year of CBF Systems and TSoft Financial Software. These two acquisitions allowed Bankers Systems to expand its core product lines to include a broader range of software and document automation solutions for mortgage lenders, banks and other financial service providers. Bankers Systems currently has annual sales of EUR 155 million and employs some 950 people.

Bob White, who currently heads the unit, will remain as President and CEO of Bankers Systems Inc. Mr. White will now report directly to Nancy McKinstry, a Member of the Executive Board of Wolters Kluwer who is also responsible for Legal, Tax & Business North America.

‘With the positioning of Bankers Systems as a separate company we underline our growth expectations in this area alongside those of our existing core activities,’ said Nancy McKinstry. ‘For years Bankers Systems has been a very successful and profitable business, and given its increase in size, its substantial revenues and its growth through recent acquisitions, BSI is clearly large enough to stand on its own. In addition, the move allows CCH to continue focusing on its core strengths – information and software tools for legal, tax and other business professionals.’

Bob White of BSI added. ‘The change will support Bankers Systems’ plans for continued growth. With our new position within Wolters Kluwer we will be well aligned for further growth in the broader financial services marketplace.’

Note for the editor: Bankers Systems Inc, a Wolters Kluwer company, is a leading provider of compliance resource solutions for financial institutions and their legal counsel. The company’s deposit, lending and IRA (Individual Retirement Accounts) software, documents, disclosures, training and support services are used by more than 12,000 financial institutions, including 83 percent of banks in the United States. In addition, over 70 leading core processors and software developers use Bankers Systems’ compliance related documents and other components in their solutions.

Wolters Kluwer is a multinational information services company with annual sales of approximately EUR 3.7 billion, employing approximately 19,000 people in Europe, North America and Asia Pacific. The company’s core activities are Legal, Tax & Business, International Health & Science, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. The financial results for the year 2001 will be announced on March 19, 2002.

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