This makes BSI Monaco SAM the first bank in Monaco to opt for the B-Source Master powered by Avaloq developed by B-Source and - in the process - to transfer to the banking software offered by Swiss market leader Avaloq. After the solution was successfully migrated on schedule at the beginning of January 2011, the bank is now covering all of its back-office activities via B-Source Master powered by Avaloq. For Avaloq, the rollout of the Avaloq Banking System marks the company's first foray into the important financial hub of Monte Carlo, while also marking an important milestone in the implementation of Avaloq and B-Source's internationalisation strategy.

Following a project run-time of 18 months, BSI Monaco SAM, a bank subject to Monaco law fully controlled by BSI SA (Lugano) and specialized in private wealth management, now benefits from one of the most reliable and cutting-edge banking solutions in the Swiss market - the Avaloq Banking System. The bank uses the advantages offered by Avaloq's banking software in the form of an overall service package delivered by B-Source. Together with its partner Avaloq, B-Source has developed a comprehensive model bank - known as B-Source Master - and provides a range of innovative BPO services on the basis of the Avaloq platform. The migration to the new platform was efficiently completed under the overall project management of B-Source with the support of Orbium.

Alberto Mandelli, Head of Information Systems and Security of BSI SA, said: "We are very satisfied with the results of the migration of our subsidiary in Monaco, BSI Monaco SAM, onto the B-Source Master powered by Avaloq. The project was completed on time, which allowed the bank to be fully operational immediately afterwards. For BSI this represents an important milestone in the evolution of its information system while improving the bank's business processes."

Markus Gröninger, CEO of B-Source, stated: "This going-live with BSI Monaco o SAM, which placed its trust in us as a pilot client, is a win-win situation for the two Swiss market leaders in the areas of BPO and banking software. BSI Monaco SAM is the first Swiss bank in the Principality of Monaco to run the Avaloq Banking System. We think that the financial centre of Monte Carlo is an interesting market for BPO services where we will be able to further expand our pioneering role, marking an important first step on the road to internationalising B-Source Master powered by Avaloq. In just 12 months five banks with a private banking arm have migrated to B-Source Master powered by Avaloq."

Samir Gherbi, Orbium engagement partner and member of the program management, stated: "The successful going-live of BSI Monaco SAM marks a major milestone for B-Source, for its clients and for Orbium. BSI Monaco SAM is B-Source's first international client to implement the B-Source Master powered by Avaloq. This major project proves that all companies involved have the ability to roll out joint projects of this size and complexity. It also constitutes a significant milestone for Avaloq, marking the first time it has implemented its Avaloq Banking System in Monaco and enhancing the international scope and reach of the banking system."

Francisco Fernandez, CEO of Avaloq Evolution AG, commented: "We are pleased that the Monaco law subject subsidiary of one of the oldest and most renowned banking groups in Switzerland has opted for the Avaloq Banking System. The market launch of Avaloq in Monaco emphasizes that our internationalisation strategy is the correct path to achieving continual growth. We are convinced that the migration of BSI Monaco SAM to the B-Source-Master powered by Avaloq will generate some attention in these attractive markets and will offer us exciting opportunities to strengthen our presence there. The seamless adaptation of the Avaloq Banking System to the conditions and regulatory requirements of the new environment shows that Avaloq is well equipped to take on the French-speaking market."