Santander Central Hispano of Spain and Landesbank Schleswig-Holstein of Germany have begun implementation of Reuters Kondor Global Limits credit risk management tool.
Santander Central Hispano is deploying the Reuters software to manage its global credit limits and exposures in real time across its Madrid, Lisbon, European and Latin American branches. The application will handle up to 500 users simultaneously, says Reuters.
Antonio Gamez, head of control and IT credit risk, Santander Central Hispano, says the package helps the bank to comply with external regulations and supports internal risk management system. "With Kondor Global Limits we can better manage our capital allocation as well as aggregate all trading activities and combine with other credit instruments," he says.
Landesbank Schleswig-Holstein went live with the system on 75 trading desks at its HQ offices in Northern Germany earlier this month. Landesbank plans to roll out the solution across its four international branches under a blueprint which will see the introduction of credit mitigation techniques like netting and collateral management to the management of counterparty and issuer risk.
"The seamless integration with Reuters Kondor+ further reduces our operational risk," says the bank in a statement.
The latest update of Reuters Kondor Global Limits (version 2.5), formerly called Reuters KreditNet, was made generally available today.