London, UK– May 15, 2006– SunGard today announced that Caixa Galicia has chosen SunGard’s BancWare Focus ALM and BancWare Budgeting & Planning for asset/liability management and financial planning and forecasting.
Based in La Coruña, Spain, with total assets of €34bn, Caixa Galicia is a regional retail bank with branches throughout Spain. It selected BancWare for its integrated ALM and financial planning functions, which will help the bank to improve margin analysis.
BancWare Focus ALM delivers static and dynamic modeling that will help Caixa Galicia to more effectively manage interest rate, foreign exchange and liquidity risk. To help the bank better understand the impact of market changes on the balance sheet and to make more informed business decisions, BancWare provides calculations for on- and off-balance sheet products, the ability to validate data and extensive and flexible reporting. BancWare also provides specific functionality for hedge accounting, carry amount calculations and earnings and capital simulation in compliance with IAS39 accounting regulations.
BancWare Budgeting and Planning will be used to help manage and project cost centre-level financial statements in a consistent, accurate and decentralized fashion. By helping the bank to improve the planning process, BancWare will help Caixa Galicia to improve its strategic business management practices involving issues like acquisitions and the opening or closure of new branches.
Antonio Gallardo, head of financial planning for Caixa Galicia, said, “It was important for us to have an integrated tool to meet both our cash flow analysis and to help streamline the budgeting process from beginning to end. We chose SunGard because of its ability to provide the functionality, as well as its success in Spain and across Europe. SunGard has a proven track record for delivering on-time and on-budget BancWare implementations.”
Terence Faherty, president of SunGard’s BancWare business unit, said, “The addition of Caixa Galicia further reinforces our leadership position in Spain. The bank will benefit not only from the BancWare technology, but also from the expertise of Spanish-speaking local support consultant.