Union National Bank ties up with Reuters for Risk Management and Trade Processing Solution

Abu Dhabi - (December 2004) – In line with Union National Bank’s (UNB) mission to be a top quality bank and the best service provider in the UAE, the bank has recently signed an agreement with Reuters, to take Reuters integrated front to back office trade and risk management solution. UNB plans to use Reuters Kondor+ and Reuters Kondor Trade Processing solution for growing its treasury, brokerage, derivatives and capital markets activities.

This deal is a result of UNB efforts to upgrade its trade processing capabilities to offer world class services and technologies to its customers. UNB is among a small number of banks in the Middle East to adopt this technology. They are keen to maintain highest levels of service in the treasury area and to be the preferred partner for UNB’s customers.

UNB has chosen Reuters integrated trade and risk management solution that is made up of the specialist modules of Reuters Kondor+ and Reuters Kondor Global Limits, for trading room position keeping and risk analysis, and Reuters Kondor Trade Processing for back office operations. Reuters Kondor front-to-back solution will provide seamless, straight through processing and sophisticated workflow management of the bank's treasury business. It will also help them enhance and accelerate their trading activities in the derivatives area.

The solution allows control of the trade process from pricing to settlement across multiple instruments including FX, money markets, securities, complex derivatives and structured products. By implementing Reuters integrated solution, UNB now has access to a sophisticated, event-driven system for managing trades, enabling consolidation and sharing of data and information, and presenting them real-time.

Mr. Fuad Zeidan, SVP & Head of Treasury & Investment Division, Union National Bank commented, "The addition of Reuters solution to our treasury processes will provide the essential control we need to support our business expansion. UNB envisage further consistent growth in the UAE economy that will result in the country playing a key role in the GCC capital market going forward. Reuters expertise in the treasury arena and specifically in derivatives processing, was a crucial aspect for us when selecting them as our risk management partner of choice."

Mr. Adel Helal, SVP & Head of ITD at UNB added that UNB will continue to select and implement the latest available technologies that support the bank’s business goals and generate the highest levels of customers’ satisfaction. Mr. Jean-Marc Paufique, Senior Company Officer, Reuters MENA, comments, "More than 550 financial institutions around the world – including leading banks in the Middle East region – have chosen Reuters Trade and Risk Management solution to help manage their treasury and risk management operations. The addition of the Union National Bank as a key client in the Middle East region further demonstrates Reuters commitment to combining international experience with local knowledge; thereby helping local banks to enhance their business proposition and increase their efficiency and competitiveness at international levels."

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