SunGard today announced that it has been selected by Commercial Bank of Dubai to provide an integrated solution for asset liability and treasury management.
The bank, with $4 billion in total assets, will use the SunGard solution to help monitor and manage its treasury operations, including interest and foreign exchange rate risk, across all 21 of its branches, seven of which are outside Dubai. The bank will use SunGard's AvantGard to help manage the front- to back-office operations of its treasury business, and SunGard's BancWare for asset liability management (ALM).
Commercial Bank of Dubai selected SunGard as part of a strategic decision to integrate its risk and treasury operations. With a mixture of retail, wholesale and investment portfolios, including Islamic banking products, the diversity of the bank's business makes efficient risk management critical. AvantGard will be used for deal capture and real-time cash flow management, helping the bank to increase operational controls around treasury, SWIFT confirmations, payments and statements. Data from treasury operations and core banking systems will be fed into the BancWare ALM solution for future earnings forecasts, based on varying term structure rate modeling and customer behavior predictions.
Amir Afzal, assistant general manager, IT for Commercial Bank of Dubai, said, "We aim to improve our efficiency by automating and streamlining our treasury operations and risk management practices. SunGard's ability to help us pull data from our treasury operation and integrate it into our ALM process will help us to significantly enhance our entire trading and risk management operation through an integrated, cost and time-efficient IT framework."
Ken Dummitt, head of SunGard's Corporates and Treasury business, commented, "The decision by Commercial Bank of Dubai illustrates an increasing appetite in the region for integrated treasury and risk management to gain better visibility and reliability of data and faster data production. With support from our partner Advanced Financial Solutions, who provide local knowledge and expertise, we are nd expertisnd expertise, we are able to offer a single vendor solution that helps integrate business silos for greater efficiency, accuracy and control."