Alfa Bank commits to Misys to support extensive growth in the Russian banking market

Misys plc (FTSE: MSY.L), the global application software and services company and the leading international banking software provider in Russia, today announces that OJSC Alfa Bank Moscow (Alfa Bank), the largest private bank in Russia, has extended its relationship with Misys until at least 2020.

Alfa Bank is expanding its operations throughout Eastern Russia and is underpinning its growth with the support of Misys. The solution from Misys will enable the bank to serve its retail and corporate customers in the region, increase its market share and maintain its lead over the competition.

The agreement is the latest in a long partnership between Misys and Alfa Bank, which has seen the two organisations jointly develop Russia-specific features, ensuring the bank complies with The Central Bank of Russia regulations and adheres to the country’s rigorous accounting standards.

Misys’ advanced consumer banking solution with its scalable treasury capabilities are key to this expansion, as Sergey Mednov, CIO and Member of the Board from Alfa Bank comments. “The extension of the partnership provides us with a secure platform on which to grow our consumer and corporate banking business further. Misys has been a trusted partner of ours for many years and we are confident that we have the right mix of solutions and support to ensure our business grows at minimal risk and maintaining a low total cost of IT ownership.”

Guy Warren, EVP and General Manager, Misys Banking, adds, “We are delighted to be able to continue to help Alfa Bank to meet its business goals. The close partnership we have with Alfa Bank’s team has made it possible for the bank to maintain its position at the forefront of the banking sector in Russia. It is yet another financial institution that is securing its future growth underpinned by our world-beating solutions.”