Mortgage Bank extends licence for Misys Equation, maintaining its position at the top of Latvia’s banking industry

19th February 2007

One of the leading banks in Latvia reinforces commitment to Misys following a competitive review

Misys Banking Systems, a global leader in banking software and solutions, announces today that the Latvian bank, JSC Mortgage and Land Bank of Latvia (Mortgage Bank) has extended its licence of Misys Equation for a further eleven years, having reviewed solutions from competitors, including Temenos.

Mortgage Bank, the only state-owned bank and one of the largest banks in Latvia, has successfully used the core banking system, Misys Equation, since 1997 and was the first bank in the world to go live with its new lending module in 2006. The bank has underlined its commitment to the solution and its future developments and enhancements by signing the agreement with Misys to extend the licence until 2018.

Mr. Gatis Graubins from Mortgage Bank comments, “Misys Equation has provided us with the very latest and reliable technology to enable us to be flexible and quick in responding to market requirements for over a decade. We were a Beta site for Misys Equation 3.8 and are delighted with its performance in our retail operations. We evaluated other solutions on the market, including one from Temenos and we decided to extend the agreement with Misys as it is the optimum solution to help us keep delivering the latest products and services to our customers.”

Theo Simons, Regional Sales Manager, Misys Banking Systems adds, “We are delighted that Mortgage Bank has shown their confidence in us and Misys Equation. We have a good track record of delivering innovative solutions and providing high quality support to the banks in Eastern European and CIS countries. We very much look forward to working closely with the team at the bank over the next eleven years and enabling them to maintain their competitive edge over the rest of the industry both in Latvia and across the region.”

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