One of the leading banks in Latvia reinforces commitment to Misys following a competitive review
19 February 2007 - Misys Banking Systems, a global leader in banking software and solutions, announces today that the Latvian bank, JSC Mortgage and Land Bank of Latvia (Mortgage Bank) has extended its licence of Misys Equation for a further eleven years, having reviewed solutions from competitors, including Temenos.
Mortgage Bank, the only state-owned bank and one of the largest banks in Latvia, has successfully used the core banking system, Misys Equation, since 1997 and was the first bank in the world to go live with its new lending module in 2006. The bank has underlined its commitment to the solution and its future developments and enhancements by signing the agreement with Misys to extend the licence until 2018.
Mr. Gatis Graubins from Mortgage Bank comments, "Misys Equation has provided us with the very latest and reliable technology to enable us to be flexible and quick in responding to market requirements for over a decade . We were a Beta site for Misys Equation 3.8 and are delighted with its performance in our retail operations. We evaluated other solutions on the market, including one from Temenos and we decided to extend the agreement with Misys as it is the optimum solution to help us keep delivering the latest products and services to our customers."
Theo Simons, Regional Sales Manager, Misys Banking Systems adds, "We are delighted that Mortgage Bank has shown their confidence in us and Misys Equation. We have a good track record of delivering innovative solutions and providing high quality support to the banks in Eastern European and CIS countries. We very much look forward to working closely with the team at the bank over the next eleven years and enabling them to maintain their competitive edge over the rest of the industry both in Latvia and across the region."
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For further information please contact
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44 (0) 208 486 1661
edward.taylor@misys.com
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in more than 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,500 people around the world and sales, implementation and customer support teams in nearly 30 countries. One third of the world's commercial loans, half of traded loan volumes and one in every eight global FX transactions are conducted using Misys systems. Misys Banking Systems is part of Misys plc.
About Misys plc
Misys plc (FTSE: MSY.L), the global software and solutions company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com
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