Misys poaches Oracle's Derrer as new retail banking chief

Misys poaches Oracle's Derrer as new retail banking chief

Misys has appointed Andrew Derrer from Oracle as chief executive of its retail banking systems division, replacing Wayne Ginn.

In joining Misys, Derrer leaves his position as VP, financial services for Europe, Middle East & Africa at Oracle. For the last seven years he was responsible for Oracle's financial services business across the Emea region.

He devised and drove the execution of the Go-to-Market Strategy for Oracle Financial Services, and claims to have more than doubled this part of Oracle's business in the last four years.

Previously, Derrer founded EWI Business Consulting, a consulting company based in Switzerland and India. Oracle bought the business in 1997 and the Indian operation now has close to 500 consultants providing offshore services to Oracle's customers worldwide.

He takes over the retail banking helm from Wayne Ginn, formerly of Alltel and System Access, who was recruited last year to head up the newly-formed division. Misys has given no reason for Ginn's departure, short of saying that he was brought onboard to deal with the transition to the new structure.

Says Derrer: "We are in a market that is set to grow by more than eight per cent this year, but looking at the dynamics of demanding customers, IT costs and the regulatory requirements of Basel-II, AML, IAS-39 and Sarbanes-Oxley, I believe that in the medium term packaged enterprise software in core banking is set for more dramatic growth."

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