Murex, the leading provider of integrated trading, risk management and processing solutions, has announced today that Burgan Bank, one of Turkey's leading corporate and commercial financial institutions, has gone live on Murex's MX.3 front-to-back-to-risk integrated platform.
In December 2012, Kuwait-based Burgan Bank Group, with operations across the Middle East and North Africa, acquired a majority shareholding in Eurobank Tekfen and renamed it Burgan Bank. The newly created bank was then confronted with the imperative to find and implement a new front, middle and back office system with enriched market risk functionality within a 24 months’ timeframe.
Following a rigorous selection process managed by Accenture, Murex’s MX.3 platform was found to be the perfect solution for the triad of strategic requirements identified by the bank: technological support for the bank’s local and group-wide operations, efficiency of implementation and the quality of the company.
“Our selection process was about more than just the system – it was about the company that we would be in partnership with. We wanted to be sure it would be around for at least 10 years, if not more than that,” says Mutlu Akpara, Head of Treasury and Capital Markets at Burgan Bank in Istanbul.
With a strong presence in Kuwait and Turkey, and a footprint of 240 branches across the Middle East, North Africa, Europe and the Americas, Burgan Bank’s ambition hinged on the ability of the platform to unlock potential for growth in the derivatives business. The bank therefore also needed a platform offering a wider scope of product coverage while delivering an enterprise-wide market risk management framework compliant with regulatory requirements.
Over the past decades, Murex has been a privileged partner to the success of hundreds of banks. That accumulated experience translates into the richness of the functional and technical features of the MX.3 platform and Murex’s MXpress™ implementation methodology further facilitates the access to its benefits. Thanks to a strong collaborative effort between all teams involved, the implementation and go-live of the platform went smoothly, a positive omen for the further roll out of the system across the group.
“Murex has developed strong ties with the Turkish market and has been investing in becoming a key player in the Middle East for years. This project marks a decisive milestone, being the first full front-to-back office implementation in Turkey and we are delighted to embark on this new journey of growth with Burgan Bank” says Philippe Helou, General Manager of Murex.
“From the start, we felt that we were a really important client for the company. We are now part of the Murex family,” concludes Akpara.