IBS Journal May 2016
25
With the Bank Analyzer set of applications, including Accounting for Financial Instruments, it is now able to close its monthly books significantly faster, and has digitised production for all lines of business, ensuring compliance with German GAAP and International Financial Reporting Standards (IFRS) regulations.
“On the background of a constantly changing regulatory WHO? MSB AND FDH WHAT? T24 R14
in a merger that will result in job cuts and a Temenos-based core banking upgrade. Malawi Savings Bank (MSB) and First Discount House (FDH) Bank are the two entities set to merge, creating a new bank that is expected to be floated on the country’s stock exchange in the next three years or so.
T
The merger is good news for Temenos, as its T24 core banking system will be underpinning the new bank’s operations. FDH is already a customer of the Swiss vendor, but plans are in motion for a full upgrade from its current version R10 to R14. MSB will be ditching its previous provider, Neptune Software, and its Rubikon system. It’s expected that by the middle of May of 2016 both banks will be running with T24 R14.
wo Malawian banks are set to come together
MSB was originally founded as a state-owned bank, but last year the Malawi government announced that it would be selling its entire stake in the firm. FDH grabbed 75% in a deal that now seems to be bearing fruit. Job cuts are also expected, something that Sobhuza Ngwenya, Group Head of Marketing at FDH, says has been undertaken in consultation with regulators in the country. The redundancies are required, he adds, as part of a business optimisation process.
Employees set to be released by FDH have staged vigils at the bank’s headquarters in Blantyre, demanding compensation. The protestors are reportedly angry that they were fired from their roles without notice letters.
Alex Hamilton
environment, it has become increasingly important to maintain consistent accounting data for reporting across global regions and lines of business,” says Frank Annuscheit, Chief Operating Officer, Commerzbank. “SAP is supporting us in fostering a digital business model that helps us gain efficiencies.”
Scott Thompson
www.ibsintelligence.com
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