IBS Journal January 2016
Two Temenos T24 users to merge as Julius Baer agrees €68m deal for Commerzbank Luxembourg
Julius Baer Group is buying Commerzbank’s Luxembourg-based private banking wing, which will see it raking in an extra €3 billion in assets. The Swiss private banking group is
likely to pay around €68 million for the privilege, if €25 million of regulatory capi- tal is part of the transaction. Julius Baer has also said it anticipates around €20 million in integration and restructuring costs. Expected to boost Julius Baer’s assets under management in Luxembourg to around $5 billion, the deal will go through in mid-2016.
Temenos teamwork Julius Baer finalised a lengthy core banking selection process in early 2015, opting for Temenos and its T24 offering. Temenos beat off competition from rival Avaloq in the final round of the process, and came at a time when the vendor’s shares were taking a dip. This T24 selection played a crucial role
in this latest acquisition. Commerzbank Lux- embourg being a fellow user of the Temenos system, staff in its IT team had the ‘relevant expertise’ with the platform to aid Julius Baer in its T24 implementations globally. T24 is being implemented initially in
the Asian region, replacing legacy systems such as ERI’s Olympic, in use in Julius Baer’s Singapore and Hong Kong locations. The anticipated completion date for the roll-out in Asia is expected to be 2017,
Luxembourg © Cayambe, Wikipedia
after which the Swiss firm will look into further implementations in other regions across the globe.
Strong implementation Boris Collardi, chief executive of Julius Baer, says the deal with Commerzbank Luxembourg ‘strengthens the implementation of our global banking project by aligning Europe with our Swiss and Asian platform strategy’ and that the extra expertise afforded to the company will reduce execution risk.
The bank has been expanding with a number of mergers, including that of asset manager Fransad Gestion SA, Bank Leumi’s subsidiaries in Luxembourg and Switzer- land (which also happen to be Temenos’ T24 users) and Merrill Lynch’s International Wealth Management business. Despite this, the bank revealed that
its gross margin had narrowed at the end of October 2015 and its client inflow had dropped by 2%.
Alex Hamilton
Santander launches new cash management solution powered by Cashfac
Santander has gone live with cash man- agement solutions from UK-based vendor Cashfac Technologies. The vendor will be providing the ser-
vices via the bank’s Santander Connect online portal for its corporate and commer- cial clients. The cash management platform, Multi- bank, is aimed at insolvency practitioners,
property managers, fund managers and investment companies. Cashfac is white-la- belling the service to Santander, which will deploy it across a number of its market sectors. Santander head of transactional bank- ing and liquidity, Joanne Sugden, says that the bank needed a solution ‘that could be deployed across a variety of market sec-
Executing a digital banking strategy? IBS launches IBS Chat
© IBS Intelligence 2016
tors’. The Cashfac solution will sit alongside other existing Santander banking plat- forms, she adds. In September, Multibank was tapped
up by insurance, savings and investment firm LV=, to aid the company in the migration of around 41,000 bank accounts.
Alex Hamilton
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