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BEC, BankData, SDC and others in Denmark; and Samlink, Tieto, Crosskey in Finland. In fact, most bureaux are struggling themselves with


old systems and a few have tried and failed to replace their core systems (EDB/Evry with Flexcube, Novit with TCS/FNS’s Bancs, in particular). The offerings of the bureaux are often costly, inflexible and there is sometimes considerable user dissatisfaction. The bureaux themselves constitute potential customers for system suppliers, as do the individual banks. The dissatisfaction has seen some chopping and


changing of bureaux. In particular, there was the migration of 80+ Norwegian rural banks to the Danish service bureau of SDC, with cutover completed in early 2006. This followed the decision taken a couple of years earlier by the Norwegian banks’ IT services subsidiary, Terra-Gruppen, to move from EDB. The SDC bureau runs on the system that is now sold by FIS as Corebank. The more modern nature of SDC’s system was cited as a key reason for the move, along with price. EDB did, however, retain three of the Norwegian rural


banks, which decided against going the SDC route. And in 2012, Handelsbanken Norway, which has 49 branches, extended its relationship with Evry, signing a five-year contract worth €670 million. More recently, during 2013, Norwegian ethical bank,


Cultura Bank, chose SDC, moving from a small local system (another Norwegian bank, Ya Bank, was left as the only user of that local system, which it owned). Few systems having been tailored for the Norwegian


market (T24 was taken by Danske Bank for Nordic roll-out but the project has a corporate lending slant, while Nykredit went with Infosys’ Finacle, again with lending as a priority). There was a handful of deals in Sweden in 2010.


Calypso picked up one and Sungard also had a treasury deal at a financial institution. There was a win each for the syndicated lending duo of Misys (Loan IQ) and FIS (ACBS), to Nordea and Svenska Handelsbanken respectively. And two core wins were notable, with a small off-the-record success for Misys’ Bankfusion and Forex Bank taking Evry’s core platform. Sungard added Klama in Sweden in 2012 for its Ambit Treasury Management/Quantum system. 2011 produced only a deal at Landshypotek but this


was fairly notable as it fell to SAP with its flagship core banking system, Deposits Management. Landshypotek had failed with Flexcube back in 2007. Aman Bank AB awarded contract to SAP for deposit management, while Nordea Bank AB awarded contract to Temenos for T24 in 2015. 2013 saw Aktia Bank in Finland embark on a €30 million


project centred on Temenos’ T24 on a hosted basis for its retail banking operations (it has 60 branches and 350,000 customers). It was coming off a system built by Samlink. In fact, by early 2015, Aktia’s budget had increased to €40 million, ‘due to higher costs for testing and longer parallel


operation of the new and the existing banking systems’, according to the bank. Murex picked up the two treasury deals in the region in 2013, one in Norway and one in Sweden. And BML Istisharat’s ICBS was chosen by start-up, Aman Bank, representing a notable entry into the Nordic market for this Lebanon-based supplier. The Stockholm-based bank was looking to offer Islamic banking. Sungard had the two treasury deals on offer in 2014 in the region, both in Finland, while Oracle FSS had a win in Denmark.


Portugal


Portugal has around 60 banks, 90 or so mutual agricultural credit banks and five savings banks. Loans and advances to customers have tended to account for around half of the banks’ aggregate balance sheet. Regulations forced banks to reduce their loan-to-deposit ratios to 120 per cent by the end of 2013. Promosoft, now branded as Exictos, is a relatively busy supplier at home and in parts of Africa. Oracle FSS had gained the only deal in Portugal for a


non-domestic supplier in 2009 (this was for the start-up venture that never took off, so the project was canned), and added another in 2010, at a fairly niche institution. Banco Finantia, an investment management and private banking player, implemented Misys’ Bankfusion Midas during 2013, but this was an upgrade from Midas. This was good news for the supplier as another Portuguese bank, the first taker of Bankfusion Midas, Caixa Banco de Investimento, had earlier shelved its upgrade (it subsequently chose another system altogether).


Spain


In Spain, there is complex restructuring and recapitalisation underway, which has included savings bank mergers and the creation of an asset management company to take on the banks’ non-performing real estate assets. The government is now the majority owner of a significant part of the banking sector. All of the banks in question are under EC-approved restructuring or resolution plans. These plans entail measures such as management overhauls, downsizing and cost-cutting, as well as divestment of the government’s ownership by no later than the end of 2017. The banking market is relatively sophisticated and


there is strong use of technology, but there is considerable reliance on in-house systems. There are a few domestic suppliers. Accenture has the Spain-derived Alnova (built for Caja Cantabria and with a fairly large user base). Indra, a large Spanish company, is seeking to bring


a new system to market. Prior to this, in 2010, domestic player, Infodesa, went into liquidation, despite expectations that at least part of the company would be sold. The reason


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Market Dynamics Report www.ibsintelligence.com


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