NEW YORK, October 24, 2001? SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), today announced the Q3 signing of its first client, CITIC Industrial Bank, in the People's Republic of China. CITIC Industrial Bank, a wholly owned subsidiary of China International Trust and Investment Corporation, with assets of RMB 234.64 billion (US $28.34 billion), has selected Panorama for front- to back-office trading of its foreign exchange, money market,fixed income and derivatives businesses. Panorama will also be used for managing the risks associated with its treasury positions and for the settlement and confirmation of all treasury trades.
CITIC Industrial Bank selected Panorama as part of its ambition to be a leader in China in the adoption of advanced trading and risk management practices in order to compete internationally following China's entry into the World Trade Organization (WTO).CITIC Industrial Bank is the first bank in China to implement an integrated front-, middle- and back-office straight-through processing (STP) solution. It will also be the first to adopt advanced risk management techniques.
Demonstrating its commitment to supporting the STP and risk management needs of financial institutions in China, SunGard is also opening an office in Beijing that will provide technical and business support to local clients of SunGard's entire solution set.
CITIC Industrial Bank is one of China's rising banks.Mr. Rong Yiren, the former vice president of China and honorary chairman of CITIC Industrial Bank, put forward a proposal "to establish CITIC Industrial Bank as an innovative bank with distinctive programs and up-to-date financial practices."
Dr. Qian Ouyang, executive vice president at CITIC Industrial Bank,said, "We have conducted a thorough evaluation and found that SunGard's Panorama best incorporated integrated straight-through processing and modern risk management techniques. Panorama provides us a flexible, extensible platform that is capable of supporting our planned growth."
Matt Mandalinci, group managing director, SunGard Trading and Risk Systems for Asia Pacific, said, "China is a key market for SunGard.We will be working with CITIC Industrial Bank and local financial institutions as strategic partners to share our global experiences in the risk management arena."
Kevin Luo, SunGard's regional director for China, adds, "SunGard is committed to helping China's banks compete internationally as the country enters the WTO. Local representation reinforces our commitment to the China market."