FIS Signs Seven-year Outsourcing Agreement with FirstBank Puerto Rico

  FIS Signs Seven-year Outsourcing Agreement with FirstBank Puerto Rico

Key Facts

  *FIS to assume full operational responsibility for bank’s IT operations.
  *New operational environment will enable the bank to benefit by
    re-engineering legacy business processes.
  *Expands FIS’ outsourcing footprint into the Caribbean and provides
    foundation to introduce Caribbean-based outsourced services to other banks
    within the Latin American and Caribbean region.

Business Wire

JACKSONVILLE, Fla. -- March 20, 2013

Building on an 18-year trusted partner relationship, FIS™ (NYSE: FIS), the
world’s largest provider of banking and payments technology, today announced
it has entered into a seven-year agreement with FirstBank Puerto Rico to
assume full on-site operational responsibility for the bank’s IT operations
and staff. A leading global provider of outsourcing solutions, this new deal
is the first of its kind for FIS in the Caribbean.

With more than 40 years’ experience in the financial services marketplace, FIS
delivers a complete set of outsourcing services that can be tailored to meet
the individual needs of financial institutions. Under the terms of this
multi-year agreement, FIS will assume operational control of FirstBank Puerto
Rico’s IT operations including hardware and software upgrades, application
management, skilled operations personnel, help desk and desktop services. The
resulting environment will enable the bank to realize lower operating costs,
greater operational efficiencies and full regulatory compliance. The bank will
also have access to FIS’ portfolio of industry-leading solutions which will
provide top-tier system functionality and assist the bank’s growth strategy as
it launches new products and services.

“Our extended relationship with FIS enables us to take advantage of their
expertise in managing complex IT infrastructures while ensuring that the
technology continues to deliver the results we need for the customers we
serve,” said Aurelio Alemán, president and CEO of FirstBank Puerto Rico. “At
FirstBank Puerto Rico, we strive to focus on initiatives that deliver value to
our customers.”

According to research firm Celent, financial institutions spend more than 77%
of their budgets on maintenance and while this figure is expected to fall
marginally in 2015, it will still remain above 75%.

“The hard dollar costs and regulatory burdens of maintaining a complex IT
environment are driving more institutions to take a closer look at how they
manage their IT systems and budgets,” said Mark Davey, executive vice
president, FIS International Solutions Group. “At FIS, we’re delivering
innovative options that enable institutions to delegate these responsibilities
without impacting the delivery commitments to their customers. We’re excited
to leverage our trusted relationship with FirstBank Puerto Rico to deliver
improved technology operations and believe it creates the foundation that
other banks in the region can successfully leverage to address similar

About First BanCorp

First BanCorp. is the parent corporation of FirstBank, a state-chartered
commercial bank with operations in Puerto Rico, the Virgin Islands and
Florida, and of FirstBank Insurance Agency. First BanCorp. and FirstBank
operate within U.S. banking laws and regulations. The Corporation operates a
total of 154 branches, stand-alone offices, and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida.
Among the subsidiaries of FirstBank are First Federal Finance Corp., a small
loan company; FirstBank Puerto Rico Securities Corp., a broker-dealer
subsidiary; First Management of Puerto Rico; and FirstMortgage, Inc., a
mortgage origination company. In the U.S. Virgin Islands, FirstBank operates
First Express, a small loan company. First BanCorp’s Common Stock trades on
the New York Stock Exchange under the symbol “FBP.”

About FIS

FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking
and payments technologies. With a long history deeply rooted in the financial
services sector, FIS serves more than 14,000 institutions in over 100
countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000
people worldwide and holds leadership positions in payment processing and
banking solutions, providing software, services and outsourcing of the
technology that drives financial institutions. First in financial technology,
FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a
member of Standard & Poor’s 500® Index. For more information about FIS, visit

Forward-Looking Statements

This news release contains forward-looking statements that involve a number of
risks and uncertainties. Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking statements.
Forward-looking statements are based on management's beliefs, as well as
assumptions made by, and information currently available to, management.
Because such statements are based on expectations as to future economic
performance and are not statements of fact, actual results may differ
materially from those projected. We undertake no obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise. The risks and uncertainties which forward-looking
statements are subject to include, but are not limited to: changes in general
economic, business and political conditions and other risks detailed in the
“Statement Regarding Forward-Looking Information,” “Risk Factors” and other
sections of the Company’s Form 10-K and other filings with the Securities and
Exchange Commission.


Kim Snider, 904.438.6278
Vice President
FIS Global Marketing and Communications
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
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