CALABASAS, Calif., Nov. 17, 2011 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today announced that it has signed an agreement with Minsheng Financial Leasing Co. (MSFL), Ltd., a leading provider of aircraft leases in Asia, to implement the NetSol Financial Suite (NFS)™ solution.
The agreement, which includes product licenses, business process consultancy and on-site implementation services, expands and reinforces a strategic partnership between NetSol and Minsheng that began in 2009. Previously, the two parties had signed a multi-million dollar agreement for Minsheng Financial Leasing's core leasing system.
NetSol said enhancing its relationship with Minsheng Financial Leasing is significant because it serves as a benchmark for the burgeoning leasing industry in China. The Financial Times reported earlier this year that there are at least 150 leasing companies in China that are becoming "an important source of funding for … small and medium-sized enterprises."
"NetSol's partnership with Minsheng Financial Leasing is symbolic of the increasing need throughout Asia for leasing and financing solutions, and we are thrilled to strengthen our relationship with one of the region's largest and fastest growing leasing companies," said Najeeb Ghauri, chairman and CEO of NetSol Technologies. "This agreement marks an exciting new chapter for NetSol's relationship with Minsheng Financial Leasing, as we further solidify our presence in Asia Pacific with a key, influential partner."
"There are so many large, worldwide IT vendors, but we selected NetSol because the company has many years of professional knowledge devoted specifically to the leasing space," said Zhou Wei, president of Minsheng Financial Leasing Co. "After two years of working with NetSol and implementing the company's solutions, our system has been able to manage tens of billions of dollars in assets.
"The signing of this strategic agreement formalizes a mutually beneficial relationship, as we continue to grow Minsheng Financial Leasing and leverage our relationship with NetSol."
A signing ceremony was held in Beijing earlier this week to honor the expansion of NetSol's partnership with Minsheng Financial Leasing. Attendees included Mr. Kong Linshan, chairman of the board of Minsheng Financial Leasing; Mr. Zhou Wei, president of MSFL; Ms. Wang Rong, executive vice president of MSFL; Mr. Najeeb Ghauri, chairman and CEO of NetSol; and Mr. Salim Ghauri, president of NetSol.
About Minsheng Financial Leasing
Minsheng Financial Leasing is a subsidiary of China Minsheng Bank Corp. Ltd., the first national joint-stock commercial bank in China primarily held by non-publicly owned enterprises. In 2011, the company's total financial leasing asset amounted to RMB 600billion (US $93.75 billion). Minsheng Financial Leasing is a market leader in China's thriving financial leasing industry.
About NetSol Technologies
NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider of global IT and enterprise application solutions that include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. Headquartered in Calabasas, Calif., NetSol's product and services offerings have achieved ISO 9001, ISO 20000, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by only 178 companies worldwide. The company's clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. NetSol has delivery and support locations in San Francisco, London, Beijing, Bangkok, Lahore, Adelaide and Riyadh.
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