Email Contact Phone Company Visit Website

London Office Office Head Office

2nd Floor 29-30 Cornhill
London
GB

Telephone

44 207-956-2450

Contact

Aurelie Schneider
[email protected]
Back to all corfinancial announcements

COR FINANCIAL SOLUTIONS ANNOUNCES A NEW CONTRACT WITH DORAL FINANCIAL CORPORATION OF PUERTO RICO.

London, July 24th 2003: COR-IBS, a division of COR Financial Solutions, announced today that PARAGON, its portfolio/collateral management and accounting solution, has been implemented by Doral Financial Corporation, Puerto Rico. The terms of the agreement were not disclosed.

Doral Financial, located in San Juan, Puerto Rico, chose COR’s product to address their needs for a comprehensive portfolio management solution. Doral Financial licensed PARAGON to manage their securities investment portfolio. Doral Financial will handle their portfolio asset positions as well as their liability and funding operations on the system.

PARAGON’s wide range of instrument coverage was a key factor in the selection process. PARAGON will benefit Doral Financial by providing an integrated and comprehensive portfolio management and treasury solution. The integration into Doral Financial’s existing environment provides robust functionality, operational efficiencies, and institutional controls.

Mr. Yamil Perez, Project Manager for Doral Financial Corporation said: "Our selection of PARAGON was based largely upon COR’s understanding of our needs and the product’s ability to fulfill those needs. Our operations are quite diverse and the implementation of this solution will provide us with tighter controls and increased productivity that will lead to lower costs and opportunities for increased revenue generation."

Gerald D. Clemente, Jr., Director of Sales, Americas said: "This agreement is a true partnership for both organizations. We are afforded the privilege of working with an organization that consists of Puerto Rico’s fastest growing bank and largest residential mortgage banker, and also one that has achieved record earnings for twenty-two consecutive quarters! Our market presence in Puerto Rico is boosted tremendously and we continue to show our commitment to offering solutions that meet the needs of rapidly expanding institutions. Doral Financial can be confident that our services and product offerings will continue to grow with and complement their continually expanding business."