ADB ASCENDS WITH SUMMIT

New York, NY, January 13, 2002 – The African Development Bank (ADB) today announced the live rollout of a front-to-back OTC derivatives and fixed income solution in the bank’s treasury and accounting groups at the bank’s headquarters office in Abidjan, Ivory Coast. ADB’s front-to-back instrument support encompasses bonds, FX, money markets, FRAs, futures, swaptions, and caps/floors. The bank also licensed Summit’s credit risk analysis module.
ADB employs Summit in a variety of business roles including asset and liability management of the bank’s investment and borrowing portfolios. Summit front-office applications handle the derivatives and fixed income trading activities related to the bank’s investment portfolio, as well as managing credit risk and monitoring portfolio performance.

According to ADB project manager Patrick Kei-Boguinard, "Summit has proved its efficiency by tying together many different business activities into a single, integrated platform. For example, it provides a consistent way of handling the bank’s specific requirements in terms of workflow procedures, credit risk management, support for complex structured issuance products, and reports generation. In addition, Summit’s robust valuation engine along with open and flexible connectivity with other, external systems gives the bank a solid and up-to-date technological base for the future."

Asked why ADB selected Summit over other vendor offerings, Kei-Boguinard replied: "Our critical business needs consisted of front-office trading support, improved risk management, better reporting and monitoring of treasury operations, compliance with trading limits and guidelines, and use of an integrated database as recommended by our auditors. Of the products we reviewed, Summit was the clear winner."

Kei-Boguinard concluded: "Near-term, we plan to add real-time trading support for bonds and repos. We also are considering an additional acquisition of Summit’s e-Toolkit package, which would enable us to distribute customized financial calculation functionality to bank users, powered by Summit back-end application servers."

Kikanga Kikuni, Summit’s project manager for the ADB implementation, coordinated implementation tasks performed by local ADB staff and members of Summit’s Paris office. "I’ve been very excited to work with ADB’s team on this project. Their motivation and professional approach were highly stimulating and helped the project team achieve every goal." Raphael Bensimhon, European sales director for Summit, commented: "This new implementation shows how Summit is flexible enough for addressing efficiently both the buy- and sell-side needs of our clients."

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