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developed for Deutsche Bank’s internet banking needs in Latin America.


Another local supplier gained the nod in 2009 at a start-


up. This was Banco de las Soluciones (Bansol), set up by a financial services company, Financiera Acobo, to become the tenth commercial bank in the country. It chose a core banking system offered from Byte, a Guatemala-based software vendor. Bansol was the company’s first client in the country. This is another country where SAP has been fairly


active. In 2011, two of its deals were here, one of which was at Banco Cathay de Costa Rica, followed by another in 2012 and two more in 2013. Its first deal had come in 2008 at Financiera Desyfin. A local SAP specialist firm, BD Consultores, was heavily involved in the project. A project that has rumbled on for years in Costa Rica has


been at Banco Popular y de Desarrollo Comunal (BPDC), a major retail banking player in the country. It signed in late 2007 for Temenos’ T24 and should have seen a cutover in 2010. An audit carried out by Comptroller General of the Republic (Costa Rica’s regulator of public sector contracts) cited weak management controls as a key contributor to the project’s spiralling costs and delays. The project was suspended at one point, but resumed in 2013 following negotiations with Temenos. The deal was understood to be worth around $30 million (including maintenance), of which the bank had paid $4 million by mid-2014, when the project was apparently nearing completion. Datapro’s e-IBS is used at BAC-Credomatic, Banco Lafise


and Scotiabank in Costa Rica. Cobiscorp claims Citibank, HSBC and Banco General as users of its Cobis Universal Banking Solution (Cobis UBS).


Ecuador


Ecuador is the stomping ground of regional players, including Cobiscorp (with the Ecuadorian Cooperativa banks among its users), Bantec, Datapro, domestic supplier, Fisa Group, and Top Systems. Beyond this, the only notable deal in recent years to


go to a mainstream vendor was a signing for TCS for Bancs in 2008 by the country’s largest private bank, Banco del Pichincha. The first phase of the project went live during 2009, with completion in Q3 2012. Datapro scooped the only new-name customer in 2012,


at Banco del Instituto Ecuatoriano de Seguridad Social (Biess). There were no known deals in 2013. There have been interesting changes in the market


since President Correa took office at the start of 2007. The new constitution defined the financial sector as composed of the public, private, and the popular and solidarity-based sector. The government set a goal of expanding the latter (which includes cooperatives, credit unions, savings and loan associations and other member-based organisations) to boost lending to small businesses. In January 2007 co-


180


op loans stood at 11.1 per cent of private bank lending; by July 2012 this percentage had grown to 19.6 per cent. In addition, in May 2009 the government ruled that 45 per cent of a bank’s assets had to be held domestically; this was then increased to 60 per cent in 2012. The reforms seem to have been successful, in that the


country proved resilient during the economic crisis. There are 24 private banks, plus state-run Banco del Pacifico. The largest three banks, Banco Pichincha, Banco del Pacifico and Banco de Guayaquil, now account for just over half of the assets. Murex- MX3 platform won the lone deal awarded in 2015 and had its first installation in the country.


Honduras


This relatively poor country (two-thirds of the population live in poverty) has produced only a handful of deals in recent years. It has had the slowest growth rate in the region, according to the World Bank, and the country has been beset by natural disasters. The number of banks grew from 16 to 17 between 2004 and 2012, but with five exiting and six entering. HSBC was a departure, selling its operations to Colombian group, Davivienda; Citibank has headed the other way, buying Banco UNO. There has been a delayed project at Banco Ficohsa, a privately-owned commercial bank and the


second


largest in Honduras (after Bancatlan and ahead of BAC Honduras, which is also now in Colombian hands, and Bancocci). Ficohsa opted for Temenos’ T24 in 2008 for its retail and corporate operations to replace Abanks, a locally- developed solution from Arango Software (now part of a larger regional software house, Grupo ASI). The original go- live date was anticipated in Q1 2010, but was then extended to 2012, due to project management issues. Abanks continued to support regional expansion of Ficohsa as an interim solution. According to Temenos, T24 was expected to go live in Honduras in 2013 and the system would then be rolled out to other countries in the region (Ficohsa’s international operations currently comprise Panama and Guatemala). In 2010, Banadesa, the state bank for agricultural


development in Honduras, chose a new core banking solution from Byte Software, the Guatemala-based core system supplier. The bank set about replacing a system from Arango. Another bank to go for a regional solution was Financiera Solidaria, signing with Top Systems in 2012. Notably – but off-the-record – SAP had a win in the country for its lending system in 2013.


Mexico


Mexico has been the most open and active market of any on the continent. At its peak, it saw 20 deals in 2007. The number was halved in 2008 and there were a mere three in 2009. 2010 saw a pick-up to seven deals, there were


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