| REG-Bank of Georgia Bank of Georgia selects TEMENOS T24 as its new core banking system |
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26/10/2009 11:50 (837 Day 16:09 minutes ago) | |||||
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The FINANCIAL -- JSC Bank of Georgia Georgia`s one of the leading banks has selected TEMENOS (SIX: TEMN) T24 (T24) as its new core banking software. The system includes built-in CRM, retail and corporate banking, cash management, treasury, trade finance, risk (Basel II standard), MIS and intermediary banking for international wealth management business.
The deal, signed in September 2009, is in line with the Bank`s strategic objectives of increasing operational efficiency through technological enhancements and improving service for its clients. Additionally, the system will enable to capture cross-border synergies, as the Bank aims to centralize its IT functionalities in Georgia for its operations in Belarus and Ukraine .
The Bank opted for T24 Model Bank for Universal Banking over international competitors to integrate its operations on a single platform and to address all requirements across its three business domain areas from one central point. As a fully integrated platform, T24`s functional breadth will enable the Bank to simplify and streamline its infrastructure and lower maintenance costs. The high levels of straight through processing incorporated in T24 will automate a wide
“I strongly believe that T24 will improve our competitiveness and take our business to the next level as the Bank moves from a local platform to an internationally acclaimed system”, Irakli Gilauri, CEO of Bank of Georgia commented.
“Temenos best met our complete spectrum of operational requirements. The pre-configured nature of the T24 platform will dramatically reduce the level of coding in configuring new products, generating an estimated 60% reduction in time to market. Furthermore, we have estimated that the single customer view delivered through T24 will generate approximately 20% increase in call rate per call centre employee, giving a faster, more efficient service. Accurate,
“Timing of the acquisition of the system is also important. Firstly, the agreement in the midst of the global banking crisis has enabled us to capture an estimated project IRR of 20%. Secondly, we will be implementing the system in comparatively slower growth environment and will be well positioned for expansion in the future. We will report on our progress with the project
"This win reinforces the increasing trend among leading domestic banks to invest in globally recognised core banking platforms to cement their competitive positions with agile, customer focused strategies”, Keith Stonell, Regional Director, Northern Europe and CIS region, Temenos commented.
“We are delighted to be providing Bank of Georgia with a highly flexible, advanced system that will enable it to differentiate the business through rapid execution of new, market driven offerings across its entire business."
Bank of Georgia is the leading Georgian bank offering a broad range of corporate and investment banking, retail banking, wealth management and insurance services to its customers in Georgia, Ukraine and Belarus. Bank of Georgia is the largest bank in Georgia by assets, loans, deposits and equity, with 33.7% market share by total assets (all data according to the NBG as of 31 July 2009). The bank has 140 branches and over 880,000 retail and more than 146,000 corporate current accounts.
Bank of Georgia has, as of the date hereof, the following credit ratings:
Standard & Poor`s `B/B`
Mr. Nikoloz Shurgaia, previously CEO of VTB Bank, Georgia, will assume the position of Deputy CEO for International Banking, overlooking the Bank`s international banking operations. Mr. Shurgaia will be appointed as Chairman of the Supervisory Board of Belaruskiy Narodniy Bank (BNB) and as a member of the Supervisory Board of BG Bank, Ukraine , both appointments to be approved by the next Shareholders` Meeting of BNB and BG Bank, respectively. Mr. Tariel Gvalia will step down as a Chairman of BNB`s Supervisory Board upon the expiration of his tenure in December 2009.
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