LRI Landesbank Rheinland-Pfalz International S.A. in Luxemburg has chosen the Avaloq Banking System. It is the first foreign bank to acquire the Zurich-based company's software.
On 21 December 2006 LRI Landesbank Rheinland-Pfalz International S.A. (LRI) signed the contracts with Avaloq. LRI is a subsidiary of LRP Landesbank Rheinland-Pfalz (LBBW Group) and will use Avaloq at the financial centre Luxembourg. “This decision significantly strengthens our international position in a market that is of strategic importance to us”, says Francisco Fernandez, CEO at Avaloq.
To better support their business strategy, LRI will replace its current bank-internal system and introduce Avaloq as their transaction processing solution over the next two years. With its future software release 2.7, the Avaloq Banking System will comply with the regulations for Luxembourg, thus enabling Avaloq to enter the market there. Upon signing the contract, Alain Baustert, Managing Director and CEO of LRI remarked: “We are looking forward to being the first bank to use the Avaloq Banking System in Luxembourg and trust in a strong partnership with Avaloq. We are working together towards the common goal of a successful project.” Approximately 200 users will be working with the standard software.
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