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for its older core system, Deposits, and another for Loans Management, while Top Systems gained an MFI, Finterra, and Temenos added the aforementioned international operation of Bank of Tokyo Mitsubishi. In terms of progress at ongoing projects, Compartamos


Banco in Mexico made headway with SAP during 2013 and this country was cited by the supplier as one of its focus markets. SAP won 5 loan management system in 2015. The latter built on this with two wins in 2014 and Murex gained a deal as well. For the time being at least, the rush to international vendors for core banking systems has slowed, with only a relatively low-end deal for DL&A in the year. However, there was a twist at Actinver in late 2014. As mentioned, it was a flagship taker for Misys’ Bankfusion (now Fusionbanking Universal) but now signed with Oracle for Flexcube. A local integrator, Sophos Banking Solutions, which works with both Oracle FSS and Misys, is assisting with the project. It is unclear precisely what functionality Flexcube will provide. The country’s two largest banks are BBVA Bancomer and Citi (Banamex), with around one-third of deposits, followed by Bancorte, Santander and HSBC. DL&A had a good year in 2015 with 4 deals for Bantotal in Mexico.


Panama


The economy and banking sector here have been relatively strong of late. The IMF cited ‘diversified ownership structure, low reliance on wholesale funding, as well as high capital and liquidity ratios’ as attributes of the banking sector. It has always been a banking hub, traditionally with a low level of supervision, providing offshore banking and with the presence of well over 100 banks as a result (around 40 with a full banking licence). The situation has been changing, particularly since 2010 when President Ricardo Martinelli signed an accord with the US for the free exchange of tax information. This country has seen a mix of core and treasury deals, but only in low single figures each year. The most notable deal of recent years went to Datapro in 2010. This was a long running core banking system selection for government- owned banks, Banco Nacional de Panamá, Agricultural Development Bank and National Savings Bank. Datapro, with its e-IBS system, beat fellow regional vendor, Cobiscorp. Cobiscorp and Temenos picked up deals elsewhere


in Panama in 2010, the latter at Inteligo Bank. A start-up, Unibank & Trust, went with Fiserv’s Signature (formerly ICBS) in 2010. The sole win in 2012 was for FSS with Spectrum, at Global


Bank, building on its win the previous year at Multibank. The other treasury deal in recent years was for Sungard’s Sierra (also known as Ambit Treasury Management) at the aforementioned Unibank & Trust in 2011. Datapro added Corporacion Financiera del Pais in 2013, with the other selection in the year going to DL&A/Bantotal.


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Datapro was the winner again in 2014, presumably reflecting good progress in previous projects, picking up all three deals on offer. These were start-up banks, taking the hosted version of e-IBS. Canal Bank, for instance, planned to offer microfinance plus loans to local and foreign companies in the country. The opportunities in Panama seemed in part at least


a result of entities in less stable countries like Venezuela wanting to move their money to more responsible regimes. Banks were also moving from offshore centres in the Caribbean. As correspondent banking restrictions tightened, they were looking for full commercial banking licences in Panama instead.


Paraguay


This country has seen no penetration of note by non- regional suppliers so far. It is one country on the roster for Itau-Unibanco’s multisite rollout of SAP’s core platform but, beyond that, it is the preserve of the likes of Top Systems and DL&A/Bantotal (for core systems but also others, with Top Systems gaining wins for its AML system from 38-branch Banco Regional, part-owned by Rabobank, in 2012, and Vision Banco in 2009). Financiera el Comercio, an MFI, implemented the


Bantotal core system across its 53 branches in 2011. The cost of the investment was put at $2.75 million, according to a statement from the vendor. The legacy system at Financiera was only capable of handling 100,000 customers but the aim of the institution was to reach 250,000 customers by 2015. This was apparently the supplier’s fourth site in the country. Datapro has a few sites, including Banco do Brasil. There


are 16 banks in the country, one of which is state-owned, and the financial system is ‘solid’ according to the World Bank. The largest domestic bank is Banco Continental. The country is rich in commodities and there has been strong economic growth, but around 30 per cent of the population is still in poverty.


Peru


Of the country’s 60 or so financial institutions, 15 are commercial banks (of which two-thirds have foreign ownership) and most of the rest are MFIs. There has been some consolidation, typically with the banks buying up smaller entities. Credicorp is Peru’s largest financial holding company, with its key holding being Banco de Credito del Peru, the largest bank by assets. Among the usual suspects to have a presence in the Peruvian market are BBVA, Citibank, Deutsche Bank, HSBC, Santander, and Scotiabank. Although financial inclusion is rising and the economy has been strong, a large portion of the population remains outside the banking system. Peru has seen a smattering of deals over the years, with


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