Reuters to support its private banking business in a two-year deal for 1,500
new information terminals. Reuters Market Monitor Extreme (RMMx), a desktop
information service, will replace the existing installed base, including a
number provided by Reuters largest competitor.
RMMx, an internet based service, provides streaming quotes, news, and charts
to financial professionals and allows them to decide how these are displayed
on their screen. The service will support relationship managers working
within Credit Suisse's private banking operations based in Switzerland.
Credit Suisse chose the Reuters service following a competitive review of
four information vendors. Each were assessed on price, quality of vendor,
user product evaluation and ability to deploy the service effectively.
This deal reflects Reuters strategy to provide services which can be
tailored to the needs of different types of financial professionals which
are easy to use and deploy. An aggressive roll out of the service will begin
shortly with a significant number due to be installed in Q1 2003.
Peter Hutter, Head Market Information, Credit Suisse, said " Our review of
information vendors was driven by the significant pressure on cost and the
desire to streamline the number of products. It was our goal to find a
partner who could match our business commitment at a competitive price. We
chose Reuters because they offered us this combination together with a fast
and collaborative approach to implementing and deploying the service.
Following successful implementation in our Swiss Private Banking operation,
we will review opportunities to maximise the benefits of the service via a
further roll-out in Credit-Suisse."
Jane Platt, President of Services for Asset Managers, Reuters said, " This
is an extremely important deal for Reuters. It marks the next phase in a
very strong partnership between Reuters and Credit Suisse and we look
forward to working with the bank to deploy the service. When such a major
customer chooses Reuters over our competition it proves the strength of our
offering in the private banking market."