The company required a comprehensive treasury management system that would not only meet the present needs of its newly formed treasury operation but would have the depth and flexibility to grow alongside an expanding business.
"Over the last few years Landsvirkjun has expanded its financial activities, resulting in the need to set up a new treasury unit," said KristjÃ¡n Gunnarsson, treasurer of the company. "Our requirements of a treasury management solution were set at a high level-- we were looking for a solution that could handle all the cash flows of a complex debt portfolio including vanilla and structured deals. The solution had to handle a wide range of FX instruments including the Icelandic currency and indexed ISK bonds and also meet our need for asset management and risk management."
Martin Boyd, executive vice president EMEA, SunGard Treasury Systems, said, "Landsvirkjun is one of Iceland's top business institutions with a great name in the region. Our Copenhagen office was able to create an AvantGard package combining AvantGard-Quantum and AvantGard-Risk to deliver a comprehensive, fully integrated solution to meet its domestic and international needs. We are pleased by the way in which the solutions' inherent flexibility allowed the implementation project to proceed efficiently with minimal product enhancement."