Lombard Risk Management plc (LSE:LRM) ("Lombard Risk"), a leading provider of integrated collateral management and liquidity and regulatory reporting solutions for the financial services industry, announces today that Marfin Popular Bank has selected Lombard Risk's group liquidity management solution, (STB-)Reporter.
Marfin Popular Bank Public Co Ltd resulted from a merger of the Groups of Marfin, Egnatia and Laiki which was completed in 2007. The Group is recognised as the second largest Banking Group in Cyprus, with 486 branches in Cyprus, Greece, the United Kingdom, Serbia, Estonia, Guernsey, Romania, Ukraine, Russia and Malta.
Marfin Popular Bank will be using the solution to take data from the in-house data warehouse and a plethora of disparate data systems in the branches to calculate and automate the completion and submission of both the Bank of England and Financial Services Authority (FSA) statistical and liquidity reports in 3 branches respectively.
Annita Philippidou, Group Chief Financial Officer at Marfin Popular Bank, explains"Cyprus has built a solid reputation as an international business centre over the years and now, more and more international investors are selecting Cyprus as their business base. We selected Lombard Risk's solution to meet our regulatory compliance obligations here, and in other branches."
John Wisbey, CEO of Lombard Risk, said: "This is another example of the far-reaching impact the FSA's liquidity regime is having on global banking operations. Our solution will meet the regulators' demands locally and regionally, now and in the future AND create a valuable repository of management information to best manage risk and regulatory issues."
Marfin Popular Bank selected Lombard Risk's group liquidity reporting because of its ease of integration with multiple source systems which, using Lombard Risk's SuperConsolidator, is straight-forward and effective and will result in a short implementation time.
Anastassia Kaimaki, Dep Director, Business Analysis & Project MNGT Sector, Organisation Division at Marfin Egnatia Bank, who will be running the project, says "Automating the regulatory reporting process will give Marfin greater transparency into the operations and ensure regulatory compliance which meansans that we can focus on revenue-generating activities."