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g


country, in August


2013, announcing a $1 billion write-


down and complaining of ‘multiple policy and regulatory interventions’. Goldman Sachs pulled out of the country in 2012 and Citibank has been closing branches. Overall, the ratings agencies view the country as stable


based on the assumption that its economy will continue to expand. However, there has been some turmoil among the smaller banks.


In May 2012, the Korean Financial


Services Commission imposed six-month suspensions on the operations of four banks, Solomon Savings Bank, Korea Savings Bank, Mirae Savings Bank and Hanju Savings Bank, as part of an investigation into the country’s secondary financial institutions. The savings banks were suspended after it was discovered that they had a Bank of International Settlements (BIS) ratio under five per cent; there were also accusations of corruption. Busan Savings Bank had been suspended the previous year.


In total, the government


suspended 20 of the country’s 105 savings banks. Most of the systems activity in South Korea has been


centred on treasury and capital markets systems. Misys’ Sophis-derived Risque had a spate of deals, with Calypso also picking up a few and continued its sales win in 2015 although with a solitary win. In 2009, alongside one of those Risque wins (at Standard Chartered), there was success for Murex, building on other sites in the country. One other deal with a South Korea twist was Path


All but one other deal in the country in the previous four years had been for treasury, the exception


coming


in 2008 at Kookmin Bank, as it set off on a major overhaul, taking TCS’s Bancs as the basis for this, working with IBM, and with the intention of building its own solution on top of this platform. On the whole, for core banking, the South Korean sector has been reliant on domestic and/or in-house developed systems, with Hyundai Information Technology and its Kore-Bank system, among these. There were no wins in 2013 or 2014.


Taiwan


This relatively busy and competitive (some would argue, over-crowded) banking market has seen modest but steady


system replacement


Political uncertainty has been an issue, so too some of the narrowest margins in Asia but Taiwan’s rising prominence as an offshore renminbi centre reached a milestone in 2013 when the Bank of China opened a clearing bank in Taipei. All in all, it hasn’t been good news for some of the world’s largest private equity firms and hedge funds that invested in Taiwanese banks a few years ago, in the expectation that they would provide a stepping stone to mainland China. Over 50 per


cent of Taiwan’s banking market is


controlled by eight state-run institutions. It is predicted that there could be another wave of consolidation, following on from 2005 (when there was the coming together of Cathay United Bank and World Chinese Commercial Bank, Chinatrust Commercial Bank and Grand Commercial Bank, Taipei Bank and Fubon Bank, and Macoto Bank and Shing Kong Commercial Bank). There are now around 34 domestic banks, 28 foreign bank branch offices (ANZ arrived in 2013) and five locally incorporated foreign bank subsidiaries. Standard Chartered merged with Hsinchu International Bank in 2007 and now has 88 branches. Citibank increased its local presence by merging with the Bank of Overseas Chinese in 2007 and has more than 60 branches. Alongside Bank of China, China Construction


Communications have branches in Taipei. In 2009, there was a notable


Singapore


Solutions’ iMAL win at FEE Bank in 2009, which was for a new operation in Malaysia and an established one in South Korea. The bank was a subsidiary of Bank Mellat and this was Path’s first success with an Iranian bank. However, as stated in the Malaysian entry, the assets of the bank were subsequently frozen.


domestic operations,


Bank and Bank of core banking system


selection for Temenos from Bank Sinopac. This bank was following in the footsteps of a number of other Taiwanese banks in recent


previous years to overhaul their core including Chinatrust Commercial


Bank with Flexcube, Bank of Panhsin and Cathay United Bank with TCS’s Bancs, and Bank of Taiwan with Sungard’s Symbols/Ambit. Sinopac had around six million domestic accounts and took T24 to support its operations at home and in the US, Hong Kong, Vietnam and Macao, with a planned hub configuration to provide centralised multi-country and


Market Dynamics Report www.ibsintelligence.com 137 activity over the years.


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