Accounting and Financial Software
Indian Banking Leader, HDFC Bank, Selects Misys Summit FT to Focus on Innovation and to Bring Derivatives Products More Quickly to Market
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First New Customer in India for Misys Treasury & Capital Markets Since Opening Sales Office
MUMBAI, India and LONDON, March 20/ -- Misys Treasury & Capital Markets announces today that HDFC Bank, recently named as the "Best Bank" in India*, has selected its award-winning solution, Misys Summit FT, to process interest rate derivatives. Misys Summit FT was chosen because of the clear return on investment to HDFC Bank and its excellent reputation as well as Misys' experience of over 17 years delivering solutions to the interest rate derivatives market.
Misys has built a strong development and product support office in Bangalore for its solution offerings in the banking and treasury and capital markets sectors, and has grown its team to over 1,000 people since setting up there in 1998. HDFC Bank was founded in 1995, backed by Housing Development Finance Corporation, and was one of the first new generation of commercial banks in India. Its mission is to be a world-class Indian Bank, expanding its business according to customer demand and continue to innovate in all parts of its business, especially the treasury operations segment. HDFC Bank is the first Indian financial institution to select Misys Summit FT since the company opened the Indian sales office in Mumbai recently.
The bank's strategy is to be an innovator in the interest rate derivative market and become the de facto standard in India for interest rate products. To achieve its objectives, it needed a sophisticated solution to work across the whole bank, from front office through to the back, enabling it to bring products to market faster and increase margins. The first phase will see Misys Summit FT implemented for interest rate and currency derivatives processing, covering a wide range of vanilla and exotic instruments.
"We have grown significantly since starting operations a decade ago," says Mr Sudhir Joshi, Treasurer, HDFC Bank. "We aim to maintain that growth and ensure we remain an innovator in the Indian and global markets. We chose Misys Summit for its strong front-to-back real-time features, from deal capture, pricing, analytics and hedging through to risk management and STP and we believe that it will have an immediate positive impact in our day-to-day operations. It will also ensure we achieve our goal not just in interest rate and currency derivatives, but in other areas of the treasury and capital markets business in the future."
Prabhakar Saxena, General Manager - Sales and Distribution India, Misys Treasury & Capital Markets, adds, "We already have many of India's major financial institutions as Misys customers in the retail and corporate banking market,. To complement this, we have also recently established a sales team specialising in the treasury and capital markets in India. This is enabling us to satisfy the increasing demand from Indian banks for product innovation in this buoyant market sector and to operate on a more global basis. We look forward to working with HDFC Bank and enabling it to keep ahead of the market in India. As our business grows and our sophisticated solutions are chosen by similar forward-thinking institutions, Misys is well positioned to become the leading banking solution provider in the Indian market."
* Amongst others, "Best Bank in India in 2006" (Euromoney) and "Best Listed Bank in India" (Businessworld)
For further information please contact
Prafull Sawant
Prana Public Relations
Cell: +91-98925-65480
E-mail: prafull.sawant@pranapr.com
Raam Kumar
Prana Public Relations
Cell: +91-98201-77907
E-mail: ram@pranapr.com
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44-(0)-777-55-66-561
E-mail: edward.taylor@misys.com
About HDFC Bank Ltd
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 9.6 million customers across hundred of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank's competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 10 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of December 31, 2006, the Bank has a network of over 583 branches and over 1,471 ATMs in 263 towns/cities.
For the quarter ended Dec 31, 2006, the bank reported a net profit of INR
2.96 billion (Rs295.6 crore), 31.7% higher over the corresponding quarter of previous year. Total deposits were at INR 667.49 billion (Rs.66749 crore), over 0% higher. Total balance size too grew by 32.5% to INR 896.08 billion (Rs.89, 608crore).
Leading Indian and international publications have recognized the bank for its performance and quality. For further information, visit www.hdfcbank.com
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 specialisms in both the treasury and capital markets and core banking areas, having 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.. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com
Source: Misys Banking Systems
