Citigroup signs for Reveleus Basel II package

Citigroup signs for Reveleus Basel II package

Citigroup is implementing risk management technology from i-flex subsidiary Reveleus to comply with the forthcoming Basel II capital regulations.

Reveleus says Citigroup will use its Basel II system in the US and at local jurisdictions where it operates.

The product provides banks with a complete set of rules, computation engines, business definitions and underlying data structures to help meet the risk management requirements of the Basel II Accord.

William Belew, MD, corporate technology, Citigroup, says: "We required a comprehensive solution with the flexibility to address the evolving requirements in many jurisdictions."

Belew says Reveleus demonstrated the capability to manage the 'home-host' needs of a global company such as Citigroup.

Until recently Citigroup was a majority shareholder in Revelus parent company i-flex. The US bank sold its 41% share in the Mumbai-based vendor to Oracle in August last year for around $593m.

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