BayernLB selects Summit to consolidate global investment banking systems
11 October 2004 | 3167 views | 0
Munich-based Bayerische Landesbank (BayernLB) is to implement technology from Summit to automate front to back office deal processing from a new global hub. It is replacing 16 existing systems used in various areas and locations of the bank and centralising operations in Munich.
The bank says cost control is the main driver for the decision as it looks to reduce capital commitment and administrative expenses to improve its credit rating.
Summit will cover high volume fixed income, foreign exchange, money markets and OTC derivatives, and the implementation will eventually lead to the decommissioning of a number of in-house applications and trading systems.
Dieter Burgmer, Member of the Board of BayernLB, says: "Replacing such a large number of systems will reduce costs in many areas by reducing system complexity and improving STP."
With the new global hub in Munich, several hundred users will access the system both directly and through Citrix from London, Hong Kong, Luxembourg, New York and Paris.
BayernLB has been a customer of Summit for some-time, but for the new centralised infrastructure is upgrading to Summit Version 3.6. The system is expected to be implemented over a two year period and is expected to go-live around August 2006. Summit will be working alongside various consultancy firms who will handle the project management and implementation.