Accounting and Financial Software
NORD/LB Selects Misys Midas Plus to Help Grow its Corporate Banking Business
Share:
LONDON, July 30/ -- NORD/LB (Norddeutsche Landesbank Girozentrale), one of Germany's most prestigious banking groups, has selected Misys Midas Plus to support its aim of growing its corporate banking business and at the same time making the group's risk and cost structure more competitive. With further investment into the global Midas strategy and afterwards implementing Misys Midas Plus with Global Processing, NORD/LB will be able to reduce costs and risk across its international banking operations.
NORD/LB, with headquarters in Hannover, is a recognised German Landesbank, with a strong and growing presence in all the world's major financial and trading centres. The bank has been a customer of Misys for over a decade, running its operations on Misys Midas. The bank has chosen Midas Plus as its strategic core banking platform and it will initially run the group's banking operations in London, New York, Singapore and Shanghai, with the plan that every subsidiary within the bank's worldwide operation will be run on Midas Plus.
Michael Brandes, Head of Information Management and Organisation and Relationship Management, NORD/LB, comments, "Competition in our industry is becoming increasingly fierce and we have initiated a number of changes at NORD/LB to face the challenges of the market. The choice of Misys Midas Plus as our strategic technology platform supports our business strategy in our foreign branches from an operational, technical and banking point of view. It gives us an opportunity to standardise business practices throughout our world-wide branches, thereby cutting duplication of effort and resources, minimising exposure to fraud and ensuring a consistent service for our customers world-wide. At the same time, we can have a coherent view of management information across branches, so we can make better informed decisions more quickly. From a banking point of view, we see strong growth in the commercial, syndicated lending area. In our view, Midas is certainly the best system to support our growth strategy."
Claus Schuenemann, Head of Sales for Europe, Misys Banking, adds, "One of the major challenges facing banks today is the increasing complexity and expense of managing multiple international branches. As a result, many banks today are looking to consolidate their technology operations and take advantage of the benefits of globalisation. By centralising IT operations in one location, banks can reduce support costs, have better access to appropriate skills and improve the resiliency of their systems. Misys is the only vendor that provides a complete answer to banks' Global Processing needs."
Through this agreement, NORD/LB's whole corporate banking operations will be supported on a single consistent set of business processes and support infrastructure, underpinning the customer-facing business activities.
ABOUT NORD/LB:
NORD/LB Norddeutsche Landesbank Girozentrale, with a staff of 5,560 employees and a consolidated balance sheet total of 203.1 billion euros as at
31 December 2006, is one of the leading commercial banks in the north of Germany, with the focus of business activities on North and North East Europe. NORD/LB is Germany's top bank for national and international bond issues. It offers a wide range of financial services to its private, corporate and institutional clients and to the public sector. The main areas of specialisation of NORD/LB are investment, agricultural and real estate banking, corporate finance, ship and aircraft financing and private banking.
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 and treasury & capital markets 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 leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Misys employs around 5,500 people who serve customers in more than 120 countries. For more information, visit: www.misys.com
For further information please contact:
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44-(0)-208-486-1661
edward.taylor@misys.com
Caroline Parker
Financial Dynamics
+44-(0)-207-269-7295
caroline.parker@fd.com
Source: Misys plc
