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State Bank of India taps Sofgen Reg-reporter for US operations

15 September 2010  |  2291 views  |  0 Source: Sofgen

Sofgen Holdings Limited, an international banking IT consulting firm, announced today that its wholly owned subsidiary, Sofgen Americas has signed State Bank of India's US Operations (SBI-US) as its most recent REG-Reporter client.

State Bank of India is the largest commercial banking and financial services company in India, by almost every parameter - revenues, profits, assets, market capitalization and employees - and counts 142 foreign offices in 32 countries across the globe.

With US-based offices in New York, Chicago and Los Angeles, the bank needs to manage new business and services in an increasingly dynamic and global environment and its requirement to improve efficiency through the use of technology is reflected in its decision to implement REG-Reporter.

"We expect that REG-Reporter will give SBI-US a stable and reliable platform for the automation of all of our legally required regulatory reports," said Joseph P. Leotta, Chief Financial Officer - US Operations at SBI-US. "We have been impressed with the level of experience that the SOFGEN team brings to the table; this expertise is essential if we are to keep current as the regulatory environment evolves."

"REG-Reporter is specifically architected to capture transaction level information, thereby enabling the automation of the entire regulatory reporting process," said Vincent Raniere, EVP, Global Head of Product Sales at SOFGEN. "Designed and implemented by our in-house team, we are confident that REG-Reporter will meet SBI's needs both now and in the future."


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