Eskan Bank has signed an agreement with Misys Banking Systems to renovate the bank's core banking system. The signing ceremony took place at the Eskan Bank head offices at Al Moayyed Tower, Seef District on 30th May 2006, attended by Mrs. Sabah Al Moayyed the General Manager of Eskan Bank and Mr. Roy Froud Misys General Manager (MEA).
"Real estate is one of the fastest growing economies in Bahrain and we needed a system that could more than cope with the burgeoning number of loans being demanded by consumers seeking to build their own houses," comments Mrs. Sabah Khalil Al-Moayyed, General Manager of Eskan Bank. "We had to ensure that we could not only maintain our position in the market, but also keep ahead of the competition. Misys Equation gives us the technology to manage the present level of activity and also cope with the increase in new products we will offer in the future."
The bank is installing Misys Equation immediately for its core system, with a Branch Automation module to manage consumer banking across its national branches. Later this year, it will roll out its multi-channel banking offering integrating ATMs, Internet banking and telephone banking, while increasing its anti-money laundering capabilities and ensuring compliance with regulations such as Basel II.
Roy Froud, General Manager, Middle East and Africa, Misys Banking Systems, commented, "We are delighted to have been chosen ahead of the competition for our understanding of the bank's business and for the reliability and reputation of Misys Equation. We look forward to working alongside the team at Eskan Bank to ensure that the bank is able to quickly expand, offering new products to their customers without disrupting normal business." He also added, "we are pleased to be assisted by Computer Business Machines (CBM) one of our partners in the Middle East to implement the system".
Operating under the authority of the Ministry of Housing and Work, Eskan Bank processes and grants mortgage loans for Bahraini homeowners. With competition increasing from commercial banks entering the market and with consumers demanding a wider range of options for mortgages and other financial products, Eskan Bank was looking for ways to capitalise on technology to sustain its lead.
The Bank had evaluated several international solutions and chose Misys Banking Systems for its depth of knowledge, reputation and its prestigious user base in the Middle East. Misys Banking Systems, a global leader in banking software, provides software solutions for retail banking, wholesale banking, treasury and capital markets and risk management.
-Ends-About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 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 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.
About Misys plc
Misys plc (FTSE: MSY), the global software 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 about 7,800 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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© Press Release 2006
