Hungary's 21st Century Financial Systems (21CFS) has been picked by HP to set up a system for Serbia's central bank as well as the country's debt management center, business daily Világgazdaság reported on Friday.
HP recently won a tender called by the European Agency for Reconstruction, which manages the EU's main assistance programs in Serbia and Montenegro, to set up IT systems for the National Bank of Serbia and the country's debt management center, which are being separated. HP chose 21CFS to participate in the €15 million project because of its experience setting up similar systems in Hungary over the past ten years, 21CFS business advisor Werner Riecke, the former deputy president of Hungary's central bank, told Világgazdaság. He added that 21CFS had become a permanent HP subcontractor, increasing its chances of participating in similar projects in Southeast Europe and former Soviet states.
The two systems 21CFS will be responsible for will be completed by the end of 2006, but the entire process of separating the two institutions will probably not be completed before the end of 2007.