- CBI selects FERNBACH’s FlexFinance Basel II solution -
27 May 2008 – FERNBACH, a provider of award-winning solutions for Enterprise-wide Value and Risk Management (EVRM), has established a Basel II Competence Centre in Dubai and has been selected by Commercial Bank International (CBI) to provide its FlexFinance® Basel II solution.
The competence centre is a collaboration between FERNBACH and Intertec Systems, a FERNBACH partner that sells and implements FERNBACH’s FlexFinance EVRM Suite, and provides customer training and support services for software users in the United Arab Emirates and across the Middle East.
The competence centre is hosted by Intertec experts that have been trained in FERNBACH’s FlexFinance products and can help potential customers to become acquainted with the solutions. In an environment that simulates a ‘real’ banking set-up with front and back-office applications.
Claude Melde, Director Indirect Sales at FERNBACH, said, ‘With Intertec as our partner, we are able to approach potential international customers using local knowledge and inform, train and support them. The fact that our first customer is a respected institution such as Commercial Bank International proves that our joint concept is the right one.’
Commercial Bank International (CBI) is located in Dubai and is one of the leading financial institutions in the United Arab Emirates. The fact that CBI staff will be trained in the Competence Centre played a crucial role in convincing CBI to opt for FERNBACH and Intertec.
Faris Saddi, CIO at CBI, said, ‘We chose FERNBACH to implement an up-to-date Basel II solution, largely because of the comprehensive risk management platform which provides more than simple Basel II compliance. We also appreciated the local support services for Intertec Systems and the high degree of competence shown by FERNBACH staff. We are looking forward to a successful collaboration in the Middle East.’
FlexFinance Basel II allows banks to manage risk on a company-wide basis while complying with the regulatory requirements of all three pillars of Basel II. The EVRM component helps achieve a maximum return on profit and provides banks with the means to accumulate extensive information on risk, value and revenue. The templates available with the software minimise the time for automatic data import, reducing processing times.
Mr. Bassam Daoud, Head of Credit Risk Management and Advances at CBI, said, ‘Basel II is becoming compulsory according to the Central Bank of the UAE. Since the introduction of FERNBACH’s Basel II solution for Arab countries, conventional and Islamic banks will now find it easier to adapt to the Basel II requirements, a key benefit for CBI.’
Naresh Kothari, Managing Director, Board Member and Founder, Intertec Systems, said, ‘We are convinced that the Competence Centre will be a total success because banks in the United Arab Emirates and the Middle East will be able to contact a partner locally at any time which helps people to overcome any inhibitions they may have when showing initial interest.’
Commercial Bank International, located in Dubai, provides products and services for both private and corporate customers. Since its establishment in 1992, the bank has succeeded in extending its business operations from local to international level with annual total assets of 1.9 billion Euro. In its eight branch offices and additional call centres recently opened, CBI offers its customers a low-priced all-round service.
About Intertec Systems
Intertec is a leading information technology solutions company focused on empowering businesses with cutting-edge technology. Established in 1991, Intertec has been the preferred IT solution partner for more than 550 organizations in the finance, government and private sector. Customer Trust and Loyalty has helped Intertec to achieve constant growth and profitability in its operations.
The company is headquartered in Dubai, with its market coverage extending to other parts of the Middle East, India and Europe. In today’s highly competitive and technology-driven world of business, companies can only ensure that their customers stay ahead of the competition by combining vast experience with a best practices approach. Intertec understands that businesses must exploit the opportunities offered by evolving technologies to stay on top.
Since the Intertec Team is made up of individuals from multiple technologies, it can not only focus on the varied demands of its customers, but in forming a cohesive group, the team can fulfil the requirements for all areas of development, implementation and support involving hardware and software applications. With a workforce of over 200 professionals across GCC (Gulf Cooperation Council) and Indian subcontinent, Intertec provides support to more than 700 customer installations (in the sectors: government, finance, multinational corporations and SMEs). www.intertecsys.com
FERNBACH has developed the solution offering FlexFinance®, which is based upon a sophisticated methodology called EVRM. EVRM is a vision and a solution for the integration of risk management, risk and regulatory requirements, balance sheet reporting and controlling within financial institutions.
The EVRM methodology is built upon a meta level data repository which collects all data from the banking and trading books and stores this centrally while simultaneously standardising and enriching the data. This centralised meta repository of financial transactions guarantees single calculation of all financial ratios ensuring perfect alignment and reconciliation so that the data can be used for purposes such as Basel II, IAS/IFRS (Multi-GAAP), Liquidity, Profitability, Regulatory Reporting, etc. The entire process is transparent and fully auditable as uniquely the data can be traced back to the deal level. This advanced approach also enables the bank to cost-effectively implement new requirements as they occur such as ICAAP.
For more details please contact:
Emma Connolly, Director of Group Marketing,
FERNBACH-Software S.A., Tel.: + 352 / 40 22 44 405
Hazel Butters or Sean McManus, Prompt Communications on behalf of FERNBACH, Tel: +44 208 996 1653 / +44 7780 68 78 13 / firstname.lastname@example.org
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