Mumbai, India 2 February 2006 – SunGard today announced that HDFC BANK, one of India’s leading banks, has gone live with SunGard’s Adaptiv Market Risk for consolidated, enterprise-wide market risk management and derivative processing for a major part of its treasury businesses. The Adaptiv solution has been implemented at HDFC BANK’s head office in Mumbai for front-, middle-, and back-office processing, and is Adaptiv’s first live customer in India.
HDFC BANK’s activity in money market, debt securities, foreign exchange and derivatives required a solution to meet front-to-back processing and risk management needs. A key factor in the bank’s selection of SunGard was its experience as a global provider of financial and risk management software, and its presence in the Asia Pacific region.
Sudhir Joshi, treasurer, HDFC BANK, said, “HDFC BANK aims to be at the forefront of India’s banking sector. Being a leading private bank we want our service offerings to be world class. The support of an international system such as SunGard’s Adaptiv will assist us with the introduction of new and more innovative products to our client base as we continue to grow.”
Central to the BANK’s decision was the range of product offerings provided by SunGard. The flexibility of SunGard’s Adaptiv Market Risk will help HDFC BANK to expand its usage of the system. Adaptiv will help HDFC BANK to extend its product coverage by creating new instrument types and integrating new proprietary or third party pricing models. Adaptiv provides the tools to extend the data model with customised fields, automate any internal workflow using the scripting approach, and create ad-hoc reports with client specific analytics.
“Adaptiv will provide centralised processing out of Mumbai for cross-asset trading, risk management and back-office operations, and will help HDFC BANK to achieve improved processing and operational efficiencies,” said Mr Joshi. Adaptiv will be utilised by the BANK to comply with regulatory requirements for market risk and counterparty risk as per the guidelines of the Basel II Capital Accord.
John Wilson, president of SunGard’s Asia Pacific business unit, said, “The successful completion of this project is a milestone for SunGard. Our first live Adaptiv customer in India is an industry leader, who aims to provide a world class service offering. HDFC BANK has recognised the value of partnering with a vendor whose global experience and proven, industry-leading solutions can offer support in the achievement of its strategic goals. This is indicative of SunGard’s ability to understand the needs of our customers, and to work with with them to find the best solution possible to help them in accomplishing their objectives. We are committed to adopting this approach as we develop new relationships in India and across Asia Pacific.”