The Avaloq group, the reference for integrated and comprehensive banking software solutions, today announced that Geneva-based private bank, Pictet & Cie, "Pictet" has successfully implemented the Avaloq Banking System at its subsidiaries in Luxembourg, France, Germany and Spain.
The European-wide rollout is a further important step for Pictet on its path to deploying the Avaloq Banking System to most of its international subsidiaries and branches.
The newly-migrated subsidiaries in Luxembourg, France, Germany and Spain leverage Pictet's existing Geneva-based infrastructure that already supports the Swiss legal entity, in order to achieve substantial cost and efficiency gains. After the rollout, a total of 2,200 Pictet employees use the Avaloq Banking System and benefit from its extensive range of functionality. Additional subsidiaries in Asia are scheduled to be migrated on to the Avaloq Banking System.
Pictet initially selected the Avaloq Banking System, because of its flexible architecture and modern technology. "Originally we chose Avaloq as our banking platform because it provided us with the flexibility to tailor it to our specific and sophisticated needs", said Peter Wintsch, CIO of Pictet & Cie. "Thanks to this flexibility and the ability to configure and run multiple legal entities on a same instance, the Avaloq Banking System has been instrumental in progressively enabling us to also support most of our international subsidiaries in an optimised way, by creating synergies with our Geneva-based infrastructure".
"As part of Avaloq's internationalisation strategy, we constantly invest in further enriching the Avaloq Banking System. As a direct result of this strategy, we are delighted that the Avaloq Banking System has become a key enabler of Pictet & Cie's international business development", said Francisco Fernandez, CEO of Avaloq.