Fry and Leech step aside as Misys creates new retail banking unit
15 March 2002 | 4507 views | 0
Misys is to combine the operations of its distinct International Banking Systems and Kindle subsidiaries to create a new Retail Banking division. Paddy Meany is joining the company to oversee the integration and take charge at the helm of the new division. Koen Van den Brande will be responsible for marketing and product strategy.
The new unit will be the largest vendor of retail banking systems outside the US, with combined revenues of in excess of £60 million and 600 customer sites worldwide. It will account for nearly 20% of total revenues in the Misys Banking and Securities division.
Under the restructuring, David Leech will be stepping down from his role as CEO of Kindle and will be leaving the company. In a separate move, John Fry is also to leave as CEO of Misys International Banking Systems to take up the position as chief executive of one of the leading UK independent media businesses. Rupert Soames, CEO of the Misys Banking and Securities Division, will take over from Fry when he steps aside in June.
The new Retail Banking business will will combine Kindle's Bankmaster product range with the leading Equation product in Misys International Banking Systems, offering a choice of platforms based on both Unix/Oracle and i-Series, plus interfaces to other Misys products such as Opics, Trade Innovation & Meridian.
Kevin Lomax, chairman, Misys, says: "In-house mainframe solutions are increasingly unaffordable and cannot be adapted fast enough to meet new demands, such as multi-channel, high-touch retail services and 24 hours a day, 7 days a week banking. Combining the Bankmaster and Equation teams will give us the critical mass of assets and skills which are necessary to offer the best technology, products and services to our customers."