IBS Journal September 2015
WHO? Finansinvest WHAT? Sungard’s Front Arena trading solution Istanbul, Turkey This is Front Arena’s first incursion into
Turkey, and it is an untapped market for Sungard’s treasury and capital markets (TCM) core software overall, with no known installations there of any of its TCM offer- ings. Inspired by its success at Finansinvest success and by the country’s economic growth, Sungard has established a local office and is in the process of hiring. The vendor cites the latest World Bank
figures of foreign direct investment in Tur- key growing from $1 billion a decade ago to an average of $13 billion over the past five years. Wissam Khoury, Sungard’s MD for
Istanbul-based Finansinvest, an investment management subsidiary of a domestic banking player, Finansbank, has become the first taker in Turkey of Sungard’s Front Arena trading solution.
Front Arena is set to cover pricing
and risk management, trade and execu- tion management, cross-asset trading, OTC derivatives trading and order management.
the Middle East and Africa, notes that the country has gone through regulatory changes recently creating a more favour- able environment for OTC derivatives products. ‘There is a gap in the market for the type of solutions we offer,’ he states. ‘It is an exciting time for us to be active in Turkey.’
Tanya Andreasyan
WHO? Bank Leumi WHAT? Temenos’ T24 and Connect for core banking and digital channels
Israel’s major banking group, Bank Leumi, has signed for Temenos’ T24 core banking system and Temenos Connect for digital channels. The bank has adopted a gradual
renovation strategy, with the first phase being a new digital bank to be launched in Israel, underpinned by the Temenos software. This phase is expected to take one year. Leumi is already established in the
digital banking space with its ‘Leumi Digital’ programme, but the latest initia- tive will see the launch of a standalone, greenfield digital bank. Following this, there are plans to roll
out T24 and Temenos Connect ‘across all business lines’, according to Dan Yerushalmi, COO, Bank Leumi. The project is expected to result in several million dollars a year in IT
Tel Aviv, Israel © Deanb, Wikipedia
maintenance cost savings, says the ven- dor. The overall technology renovation will take a number of years. The ‘progressive renovation’ route is
encouraged by Temenos. Other recent T24 takers known to be following it are Julius Baer and Société Générale. Bank Leumi is one of Israel’s largest
financial services groups, part owned by the government, with 13,500 employees and total assets of around $96 billion. It
also has a presence in the Americas, Europe and Asia. Last year, it sold its private banking subsidiaries in Switzer- land and Luxembourg to Julius Baer, as well as closed down its operations in Panama.
Bank Leumi is no stranger to
Temenos, as it was a long-standing user of T24 in the aforementioned locations in Switzerland, Luxembourg and Panama. Tanya Andreasyan
© IBS Intelligence 2015
www.ibsintelligence.com
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