NORD/LB selects Midas banking solution from Misys to support new branch operations in Helsinki
Norddeutsche Landesbank Girozentrale (NORD/LB), which has its headquarters in Hannover in northern Germany and is ranked as the country's tenth largest bank, has selected Misys International Banking Systems' (Misys) Midas banking system as the preferred solution for its newly-established branch in Helsinki. NORD/LB's choice of system maintains its global IT strategy of standardising on Midas to support the business operations of its international branch network and complements the Midas solutions already implemented by the bank's overseas branches in London, New York, Singapore, Stockholm and Vilnius.
The level of profitability and return on investment achieved by NORD/LB's new branch in Stockholm less than two years after its establishment in 1999, confirmed the overwhelming success of the bank's business strategy to expand its operations in Scandinavia. For this reason, NORD/LB took the strategic decision to extend its business in the region still further and opened a representative office in Helsinki in February 2001.
As Eero Niomioja, Managing Director of NORD/LB's operations in Helsinki points out, "Business volumes have increased dramatically since the office was established just under a year ago. The success of this venture has confirmed the bank's original decision to continue the expansion of its business operations in Finland, and upgrade the Helsinki representative office to full international branch status with effect from 2nd January 2002."
In the interim, before the bank obtained a full banking licence for its Helsinki office, NORD/LB needed to install a suitable system to provide comprehensive support for its planned banking operations. However, the extensive review of potential software packages carried out in 1999, prior to the establishment of the bank's Stockholm branch had already identified Misys' Midas system as the preferred solution for NORD/LB's international branches. Therefore, Midas was selected as the system of choice for the bank's Helsinki branch, in line with its policy of standardising on a common platform for international branch operations.
Implementation of Midas got under way in October 2001 and was completed in less than two months, the system being fully operational in time for the official branch opening on 2nd January 2002. Midas provides comprehensive support for the full range of transactions generated by NORD/LB's international corporate banking business. The system also has the potential to handle the future growth and expansion of the bank's business, as well as offering the advantage of speed to market. The ongoing enhancement of Midas, with the addition of further front and back-office functionality, also ensures that the system continues to evolve in line with the bank's own business development.
Eero Niomioja comments, "Standardising on Midas has enabled the bank to implement a comprehensive banking solution for the Helsinki branch quickly and easily, and with the minimum of effort. With the support the system provides for our operations, we believe we can continue to expand our business and match the success achieved by our Stockholm branch."
Mr. Fred Wehrenpfennig from NORD/LB's Head Office in Hannover says, "The bank's strategy of expanding its international branch network to provide specialised services to corporate clients, has proved to be an overwhelming success. We have been able to harness our expertise to assist customers in making investment decisions, financing commercial ventures and gaining access to new markets outside Germany through our extended network of branches and representative offices. In turn, this has contributed to the bank's own continuing success."
Notes for Editors:
NORD/LB, one of Germany's most prestigious banking groups, was originally established in July 1970 following a merger between a number of smaller regional banks in Northern Germany. The bank has more than 130 branches in its domestic market, in addition to international branch offices and subsidiaries in New York, London, Luxembourg, Riga, Singapore, Stockholm, Vilnius, Warsaw and Zurich, in addition to its recently-established operations in Helsinki.
Midas, one of Misys' mainstream banking solutions based on IBM's eserver iSeries (AS/400), is particularly well-suited for banks operating in the international wholesale, corporate and private banking arena. Midas provides support for a wide variety of treasury and capital markets transactions, as well as sophisticated facilities for both commercial and syndicated loans, and an advanced Private Banking solution.
Misys International Banking Systems, a wholly-owned subsidiary of Misys plc, is one of the world's foremost suppliers of solutions to the global banking and financial services industry, with annual sales of more than £200m. The company has an extensive network of international branches located in 29 countries around the world and employs over 1,500 staff. The Misys product range includes solutions for wholesale and retail banking, treasury and capital markets, trade finance, private banking and risk management.
For further information contact:
| John Bertrand | or | Jane Keegan |
| Product Centre Manager | Press & P.R. Officer | |
| Misys International Banking Systems | Misys International Banking Systems | |
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| Tel: (020) 8879 1188 | Tel: 01753) 573244 | |
| www.misys.com/misys-ibs |
Misys plc, a FTSE-250 company, is one of the world's leading software products suppliers. Misys partners with its customers to deliver outstanding IT solutions to essential industries. The group develops and licences products to the international banking and securities, US healthcare, and UK retail financial services sectors. For the 6 months ended 30 November 2001, Misys reported revenues of £480m and adjusted operating profits (before exceptional items), of £54m. Misys employs over 6,500 people.
