Loan life cycle management technology allows one of Finland's largest financial institutions to focus on new growth area
London/Helsinki, 13th June 2005 - Misys Banking Systems (Misys) today announces that OKO Bank in Helsinki, the Central Bank for Finland's OP Bank Group co-operative and one of the country's largest financial institutions, has chosen Misys Loan IQ to manage the bank's agent responsibilities for its portfolio of syndicated loans.
The agreement comes after a 6 month evaluation period of available syndicated lending solutions and in-house development capabilities. It further extends a five year relationship between the two businesses, following the bank's treasury and capital markets operation's deployment of Misys Opics to handle its trading in derivative instruments. The new Misys Loan IQ solution is expected to go live in October this year.
"OKO Bank is already acting in the role as agent and arranger for a number of syndicated loans for our corporate customers, and it is our strategy to expand our activities in this very attractive business area", says Markku Vehmas, Senior Vice President and Head of Corporate Services at OKO Bank. "We selected Misys Loan IQ because its extensive functionality and workflow management capabilities can help us to ensure a high level of quality and efficiency in the management of syndicated loans, whilst helping to reduce operational risks at the same time."
Steen Jensen, Regional Manager for Scandinavia and the Baltic countries at Misys, comments: "We are delighted to assist OKO Bank, a valued Misys customer, in its growth in the syndicated lending market. The evaluation period has shown that automating the loan life cycle provides consistent control of events and risks - absolute necessities when entering into a relatively new product area."
"Through the scalable and modular approach of Misys Loan IQ, OKO Bank will achieve significant business benefits from increased STP, improved operational risk and automated processes and workflow."
For further information, please contact
Edward Taylor / Andy Field
+44 (0)20 7269 7295 / 7241
firstname.lastname@example.org or email@example.com
Head of Marketing & Business Planning
Misys Wholesale Banking Systems
+44 208 897 1188
Regional Manager Scandinavia & Baltic
Misys Wholesale Banking Systems
+45 453399 451
About Misys Loan IQ
Misys Loan IQ is a comprehensive, world class lending solution that tames the entire loan management process, and enables banks to transform economies of scale into efficient workflows and new revenue streams.
Misys Loan IQ will manage the entire life cycle of a loan - from origination and deal tracking to administration and record maintenance - transforming a cumbersome chain of events into a streamlined, controlled process. Efficient workflow is built right into the Misys Loan IQ system, which will help banks automate their existing loan processes, make them more efficient and allowing an increased number of deals to be handled without increasing resource requirements.
Misys Loan IQ is the global leader in high-end solutions for lending operations, providing a sub-ledger, audit trails, a P&L system and fully automated loan administration. In addition, it provides support for risk management and Basel II requirements.
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 90% of the world's top 50 banks (Source: The Banker, July 2004), with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries.
Misys plc (FTSE: MSY), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries and the UK general insurance industry, combining technological expertise with in-depth understanding of customers' markets and operational needs.
In banking it is one of the top four software providers worldwide and the largest outside the US, with a client base that includes 90% of the world's top 50 banks. In healthcare it is a top five software provider in the US market, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals, 600 home care providers. In UK general insurance it is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, it is also a leading provider of support services to 7,600 financial advisers in the UK. Misys employs over 6000 people internationally and has customers in over 120 countries. For more information, visit www.misys.com
About OKO Bank
OKO Osuuspankkien Keskuspankki Oyj, better known as OKO Bank, was originally established in 1902 and is a Finnish commercial bank listed on the Helsinki Stock Exchange. OKO Bank is part of the OP Bank Group, which comprises of 239 co-operative member banks with more than 3 million customers and an extensive network of branches and offices across Finland. The main business divisions of OKO Bank are Corporate Banking, Investment Banking, Retail Banking and Group Treasury. The bank also maintains representative offices in Estonia and the Russian Federation. For more information visit www.okobank.com.
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