Lebanon & Gulf Bank expands relationship with Misys for Basel II compliance, asset liability management and anti money laundering

12 March 2007

Misys Banking Systems, a global leader in banking software and solutions, announces today that Lebanon & Gulf Bank (LGB) has selected Misys Almonde to comply with Basel II regulatory requirements and fulfill its Asset Liability Management requirements.

The bank, which provides a full range of financial services to corporates, institutions and consumers in Lebanon and abroad, is a long-standing Misys customer, running its core banking operations on Misys Equation. It will install the Misys Almonde platform in its headquarters in Beirut, integrating it with Equation and other market data systems in use at the bank. The integrated risk management and compliance platform from Misys will automate regulatory reporting within the bank and provide it with a more effective way of calculating and managing the bank’s risk capital.

LGB has also purchased an anti-money laundering solution. Having evaluated several systems on the market, it has chosen to integrate the anti money laundering solution (AML) offered by Misys. The AML solution enhances the processes around customer acquisition and verification, monitors suspicious activity and checks customers against known watch lists, minimising potential risks to the business from fraudulent activity.

“Our relationship with Misys brings us real value,” comments Mr Samer Itani, AGM from LGB. "As we use Misys Equation as the core system in the bank, it made sense to choose Misys Almonde to enable us to not only have a quick implementation but also not to worry about the cost and risk of integrating two systems. Maintaining the solution in the future would have been another cost and issue as version upgrades takes place. By choosing Misys Almonde we have made sure that the integrity of data and future maintenance of the environment will be the sole responsibility of one company, Misys."

Roy Froud, General Manager, Middle East & Africa, Misys Banking Solutions, adds, “We are delighted that LGB have once again put their trust in us to deliver the solutions that are right for their business and their customers. We have a wide portfolio of winning technologies that enable banks to satisfy the demands of their customers and bring value to them.”

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