This page contains a Flash digital edition of a book.
g


central counterparty (CCP) initiative in Chile, to supply its technology infrastructure for front-to-back office. Comder expected to launch in Q2 2014 for clearing non-deliverable forwards (NDFs), followed by interest rate derivatives (IRDs) in Q1 2015. Datapro added another Chilean taker in 2013, Banco


Security, potentially influenced by the project at Coopeuch. The 27-branch Banco Security had been a recruit for Oracle FSS with Flexcube in 2005.


Colombia


Colombia has seen a fair few selections in recent years, but it has blown rather hot and cold. There were no deals in 2006, then three in 2007, six in 2008 and eight in 2009. The pattern was broken in 2010, with a solitary treasury win for Wall Street Systems and again in 2012, with only a win for Misys’ Kondor+. However, 2011 saw wins for Bantotal, Oracle FSS and SAP. Each of the regional players have sites in Colombia, most prominently Cobiscorp, with a relatively large number of long-established low-end banks as users. Cobiscorp (at Cooperativa John Kennedy) and Datapro (Corpbanca and Serfinsa) were the winners in 2013. DL&A gained a deal in 2014 while Murex won the selection at Banco Davivienda. For core banking, notable deals have included success


for Temenos in 2008 at development and trade bank, Bancoldex. Temenos claimed this went live with T24 for trade finance in January 2011. Fiserv had a win in the country for its ICBS/Signature system in 2008 as well. Oracle FSS had gained a deal at Women’s World Bank in 2008 and the supplier’s subsequent wins were probably influenced by a successful cut-over here. Indeed, Oracle FSS has made good progress in Colombia,


with a clutch of four wins in 2009. Each was for universal and direct banking and was from a mid-tier domestic bank. It is clear that Oracle FSS has kicked on in the country after its early projects whereas other international suppliers have not, for whatever reason. In 2008, SAP had a win for Deposits Management,


while Infosys had a significant win at the largest bank in the country, Bancolombia. In fact, Bancolombia initially implemented Finacle in Cayman Islands, Puerto Rico and Panama. The bank then went live at home with the trade finance module of Finacle during 2013 before turning to the lending module. Domestically, the bank has a fair mix of systems, having merged a few years earlier with Conavi and Confinsura. Treasury players, Thomson Reuters with Kondor+/K+TP


(now owned by Misys), FSS (now owned by Wall Street Systems) and Murex, have had deals in the past (the latter at Banorte in 2007 and Bancolombia in 2008). Top Systems had two deals in 2007 for its Topaz Banking system but has not made progress since then.


In 2011, there were three deals, the most notable being


a win for Flexcube at Helm Bank, to replace an out-dated version of Phoenix, from US supplier Harland (now D+H). Interestingly, in 2009, Helm Bank (now part of Corpbanca/ Banco Itau, see below) had selected SAP’s Deposits Management and Loans Management. Another bank in the country selected Loans Management in 2011, while Bantotal also had a win in 2011, at Fundacion Mundo Mujer de Popayán. There was significant change in Colombia during 2013 and it seemed Datapro was the big winner. The aforementioned Chile-based Corpbanca had made a $1.3 billion acquisition of Helm Bank in August 2013, following its similar sized deal in 2011 for 95 per cent of Santander’s operation in the country. The acquisitions have been combined to form the sixth largest bank in Colombia and, as mentioned, it chose to standardise on Datapro’s e-IBS. Corpbanca was an existing user of e-IBS in the US and Chile. As stated, Helm Bank had been a 2011 taker of Flexcube. The project has apparently continued despite the sale of Corpbanca to Banco Itau. Prior to this, only a small share of the financial market


was held by foreign banks (19 per cent of banking assets), well below most other countries in the region. The only two European banks operating in Colombia are BBVA, the fourth largest bank with nine per cent of banking assets, and Santander. The latter left Colombia in 2012 following the sale of its retail unit to Corpbanca and reentered the market in early 2014 under the name of Banco Santander de Negocios Colombia, focusing on corporate clients and providing them with investment banking, financing and treasury operations services. The sector overall looks stable, the ratio of non-


performing loans is low and there has been steady growth. After Bancolombia, which is held by Grupo Sura and has a continental expansionist agenda, the next largest are Grupo Aval and Grupo Bolívar. These three banks have a large concentration of the local market.


Costa Rica


Three state-owned banks are dominant, accounting for around half of the assets. They are Banco Nacional de Costa Rica, Banco de Costa Rica and Banco Crédito Agricola de Cartago. There is also a clutch of private banks, with a mix of domestic and foreign ownership. A long-running project in Costa Rica has been at Banco


Improsa for Technisys’ Java-based Cyberbank Core banking offering. The implementation was initiated in 2008 and was originally expected to take three years. However, it dragged on for four years instead, with the cutover finally taking place in early September 2012. Prior to this, Technisys had been known for its Cyberbank Multichannel Suite (now rebranded as Cyberbank Omnichannel), which was initially


Market Dynamics Report www.ibsintelligence.com 179


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180  |  Page 181  |  Page 182  |  Page 183  |  Page 184  |  Page 185  |  Page 186  |  Page 187  |  Page 188  |  Page 189  |  Page 190  |  Page 191  |  Page 192  |  Page 193  |  Page 194  |  Page 195  |  Page 196  |  Page 197  |  Page 198  |  Page 199  |  Page 200  |  Page 201  |  Page 202  |  Page 203  |  Page 204  |  Page 205  |  Page 206  |  Page 207  |  Page 208  |  Page 209  |  Page 210  |  Page 211  |  Page 212  |  Page 213  |  Page 214  |  Page 215  |  Page 216  |  Page 217  |  Page 218  |  Page 219  |  Page 220  |  Page 221  |  Page 222  |  Page 223  |  Page 224  |  Page 225  |  Page 226  |  Page 227  |  Page 228  |  Page 229  |  Page 230  |  Page 231  |  Page 232  |  Page 233  |  Page 234  |  Page 235  |  Page 236  |  Page 237  |  Page 238  |  Page 239  |  Page 240  |  Page 241  |  Page 242  |  Page 243  |  Page 244  |  Page 245  |  Page 246  |  Page 247  |  Page 248  |  Page 249  |  Page 250  |  Page 251  |  Page 252  |  Page 253  |  Page 254  |  Page 255  |  Page 256  |  Page 257  |  Page 258  |  Page 259  |  Page 260  |  Page 261  |  Page 262  |  Page 263  |  Page 264  |  Page 265  |  Page 266  |  Page 267  |  Page 268  |  Page 269  |  Page 270  |  Page 271  |  Page 272  |  Page 273  |  Page 274  |  Page 275  |  Page 276  |  Page 277  |  Page 278  |  Page 279  |  Page 280  |  Page 281  |  Page 282  |  Page 283  |  Page 284  |  Page 285  |  Page 286  |  Page 287  |  Page 288  |  Page 289  |  Page 290  |  Page 291  |  Page 292  |  Page 293  |  Page 294