Abu Dhabi, 5 Dec 04 (WAM) - In line with Union NationalBank's (UNB) mission to be a top quality bank and the bestservice provider in the UAE, the bank has recently signed anagreement with Reuters, to take Reuters integratedfront to back office trade and risk management solution. UNBplans to use Reuters Kondor+ and Reuters Kondor Trade Processingsolution for growing its treasury, brokerage, derivatives andcapital markets activities.

This deal is a result of UNB efforts to upgrade its trade processingcapabilities to offer world class services and technologiesto its customers. UNB is among a small number of banks in theMiddle East to adopt this technology, the bank said in a statementtoday.

They are keen to maintain highest levels of service in thetreasury area and to be the preferred partner for UNB's customers.

UNB has chosen Reuters integrated trade and risk managementsolution that is made up of the specialist modules of ReutersKondor+ and Reuters Kondor Global Limits, for trading roomposition keeping and risk analysis, and Reuters Kondor TradeProcessing for back office operations. Reuters Kondorfront-to-back solution will provide seamless, straight throughprocessing and sophisticated workflow management of the bank'streasury business. It will also help them enhance and acceleratetheir trading activities in the derivatives area.

The solution allows control of the trade process from pricingto settlement across multiple instruments including FX, moneymarkets, securities, complex derivatives and structured products.

By implementing Reuters integrated solution, UNB now has accessto a sophisticated, event-driven system for managing trades,enabling consolidation and sharing of dataand information, and presenting them real-time.

Mr. Fuad Zeidan, Senior Vice-President & Head of Treasury& Investment Division, Union National Bank commented, "Theaddition of Reuters solution to our treasury processes willprovide the essential control we need to support our businessexpansion.

UNB envisage further consistent growth in the UAE economy thatwill result in the country playing a key role in the GCC capitalmarket going forward.

''Reuters expertise in the treasury arena and specificallyin derivatives processing, was a crucial aspect for us whenselecting them as our risk management partner of choice," he said.

Mr. Adel Helal, Senior Vice-President & Head of ITD atUNB added that UNBwill continue to select and implement the latest availabletechnologies that support the bank's business goals and generatethe highest levels of customers' satisfaction.

Mr. Jean-Marc Paufique, Senior Company Officer, Reuters MENA,comments, "More than 550 financial institutions around theworld - including leading banks in the Middle East region -have chosen Reuters Trade and Risk Managementsolution to help manage their treasury and risk managementoperations.

The addition of the Union National Bank as a key client inthe Middle East region further demonstrates Reuters commitmentto combining international experience with local knowledge,thereby helping local banks to enhance their business propositionand increase their efficiency and competitivenessat international levels."