SunGard today announced that Spain-based Banco Sabadell, with EUR57bn in assets, has chosen SunGard's BancWare for complete financial planning and forecasting and balance sheet management.
BancWare Budgeting & Planning and BancWare Focus ALM will be integrated with Banco Sabadell's corporate systems and will help the bank to improve forecasting and to comply with the latest requirements by the Bank of Spain in terms of financial planning and risk management.
BancWare will initially be used by Banco Sabadell in the financial planning department, which is headed by chief financial officer, Tomás Valera. BancWare Budgeting and Planning will be used to help support the bank's organic growth rate and the acquisition of other banks by helping to manage and project cost centre-level financial statements in a consistent, accurate and decentralised fashion. By better managing the planning process, BancWare will help Banco Sabadell to improve its strategic business management practices involving issues such as expenses, acquisitions and the opening of new branches.
BancWare Focus ALM will provide static and dynamic modelling capabilities. Especially valuable to Sabadell is the ability to perform income simulations to account for Spanish floating rate products, which dominate both the asset and liability sides of the bank's balance sheet.
Juan Carlos Canudo, head of financial planning for Banco Sabadell, said, "SunGard's reputation in Spain was a strong determining factor in our decision. Not only does it have customers in Spain and consultants based in both London and Madrid, but also its partnership with the local consultant Intermoney, with which we also have a long-standing relationship, will help us benefit from working with a company that understands the Spanish banking system."
Terence Faherty, president of SunGard's BancWare business unit, said, "Driven by increasing regulatory demands and the need for a more robust balance sheet management and financial planning solution, Banco Sabadell chose SunGard's BancWare to support its growing business and manage its performance and risks. We are pleased to welcome Banco Sabadell to an established and increasing list of Spanish customers."