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Manjinder Jaul
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National Bank of Dubai signs unique private banking agreement with Raqmiyat and Odyssey

Dubai, UAE – 5th April 2004 - The Private Office of the National Bank of Dubai (NBD) has signed a unique, private banking Triple’A & Advisor contract with Odyssey Asset Management Systems and its local partner, Raqmiyat LLC.

Under the agreement, NBD’s relationship managers will be supplied with an integrated tool through the combination of Triple’A – the leading portfolio management system in Europe – and Advisor – the comprehensive relationship management tool devised for Private Banking. The agreement is due to go live at the end of June 2004.

The project is the first of its kind in the region and is seen as the most aggressive automation initiative in the region’s banking sector. Having established a major line of business, NBD has realised the necessity of automation in achieving the Bank’s marketing and expansion plans.

In a statement issued today, Odyssey said NBD has experienced outstanding growth in its Private Banking activities that drove its decision to invest in Odyssey’s wealth management solutions. NBD has recently been chosen the best local Private Bank in the UAE by Euromoney Magazine.

"The relationship between Odyssey, a market leader in Private Banking and wealth management solutions, and Raqmiyat, a specialised provider of services and solutions to the regional financial institutions, is a natural compliment," explained Antoine Duchateau, CEO of Odyssey. "This relationship is already bearing fruits in the Middle East that is an increasingly important region for the wealth management industry".

"Raqmiyat has been providing total ICT solutions for major financial institutions in the region for the last twenty years. We have partnered with Odyssey to cater for the emerging demand for high quality Private banking and wealth management solution in GCC," said Tapas Roy, COO, Raqmiyat. "NBD is a strategic client for us and we are committed to enabling the Bank to achieve its ambitious private banking plans."

Speaking on behalf of the Bank at the agreement signing ceremony, Faranak Foroughi, Head of NBD’s Private Office, said, "We are striving to deploy state-of-the-art solutions in order to offer our customers the best services. Odyssey has tremendously successful partnerships with leading international institutions and we are confident we have chosen the right partners."