In collaboration with Swisscom IT Services, Frankfurter Bankgesellschaft has successfully put the Avaloq Banking System into operation at its head office in Zurich and is considering implementing the system at its subsidiary in Frankfurt as well.
The bank chose the Avaloq Banking System on account of its multi-entity capability and advanced wealth management functionality.
Since April 3, 2012, Frankfurter Bankgesellschaft is using the Avaloq Banking System as a full-service private banking solution at its Swiss head office in Zurich, which is home to around 100 staff. In addition the bank is using the "e-Services" e-banking solution provided by Swisscom IT Services. Avaloq specialists at the Swisscom subsidiary also partnered the bank as lead contractor in the successful roll-out.
Frankfurter Bankgesellschaft is a wholly-owned subsidiary of Helaba (Landesbank Hessen-Thüringen) and therefore part of the German Savings Banks Finance Group, one of the largest financial groups in the world. The private bank has its head office in Zurich with a subsidiary in Frankfurt. The multi-entity capability was therefore an important criterion for Frankfurter Bankgesellschaft in its decision to choose the system. Moreover, the Avaloq Banking System is not only suitable for use in the Swiss financial centre, but also meets the high regulatory requirements of the German market.
"The comprehensive functional coverage of the Avaloq Banking System in wealth management was critical to our decision, as was its multi-GAAP (Generally Accepted Accounting Principles) capability", says Bruno Döbeli, COO of Frankfurter Bankgesellschaft (Switzerland) Ltd. "Avaloq also produces impressive results in straight-through processing from front to back office."
"With Frankfurter Bankgesellschaft, another important player from the Swiss private banking community is now working with the Avaloq Banking System", notes Francisco Fernandez, CEO of the Avaloq group.