12 March 2007 - Misys Banking Systems, a global leader in banking software and solutions, announces today that Lebanon & Gulf Bank (LGB) has selected Misys Almonde to comply with Basel II regulatory requirements and fulfill its Asset Liability Management requirements.
The bank, which provides a full range of financial services to corporates, institutions and consumers in Lebanon and abroad, is a long-standing Misys customer, running its core banking operations on Misys Equation. It will install the Misys Almonde platform in its headquarters in Beirut, integrating it with Equation and other market data systems in use at the bank. The integrated risk management and compliance platform from Misys will automate regulatory reporting within the bank and provide it with a more effective way of calculating and managing the bank's risk capital.
LGB has also purchased an anti-money laundering solution. Having evaluated several systems on the market, it has chosen to integrate the anti money laundering solution (AML) offered by Misys. The AML solution enhances the processes around customer acquisition and verification, monitors suspicious activity and checks customers against known watch lists, minimising potential risks to the business from fraudulent activity.
"Our relationship with Misys brings us real value," comments Mr Samer Itani, AGM from LGB. "As we use Misys Equation as the core system in the bank, it made sense to choose Misys Almonde to enable us to not only have a quick implementation but also not to worry about the cost and risk of integrating two systems. Maintaining the solution in the future would have been another cost and issue as version upgrades takes place. By choosing Misys Almonde we have made sure that the integrity of data and future maintenance of the environment will be the sole responsibility of one company, Misys."
Roy Froud, General Manager, Middle East & Africa, Misys Banking Solutions, adds, "We are delighted that LGB have once again put their trust in us to deliver the solutions that are right for their business and their customers. We have a wide portfolio of winning technologies that enable banks to satisfy the demands of their customers and bring value to them."
- Ends -
For further information, please contact:
Suzan Muhanna
Regional Marketing Manager, MEA
Misys Banking Systems
+971 43148100
suzan.muhanna@misys.com
Edward Taylor
Global Head of PR
Misys Banking Systems
+44 (0)20 8486 1661
edward.taylor@misys.com
About Misys Banking Systems
Misys is the leading banking systems provider in the Middle East having operated in the region for more than 20 years providing support for core banking, treasury, capital markets, risk management and trade finance. Misys have more than 50 staff based in Dubai and across the region supporting over 100 clients. More banks have chosen Misys in the Middle East than any other vendor.
Misys Banking Systems supplies over 1,200 customers in more than 120 countries, among them all 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 invests heavily in research and development and is one of the top industry spenders, investing nearly ten per cent of total revenue per annum. 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 all 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
Misys. Making things that really matter, work better.
