Saudi Arabia’s Saudi Hollandi Bank (SHB) has selected an integrated transaction banking solution from Misys as part of its strategy to upgrade its trade finance and cash management online services.
The contract is part of SHB’s aim to broaden its portfolio of cash management services to customers across the kingdom and become a top five trade finance provider within the next two years. The new solution will be rolled out in 2013 and improve the performance of the bank's trade finance division through increased efficiencies in the unit's operations to help the division meet SHB’s growth aspirations.
The agreement between Misys and Saudi Hollandi Bank was signed in the presence of SHB's chairman, Mubarak Bin Abdullah Al Khafrah; managing director Dr Bernd Van Linder; and Misys’ general manager for the Middle East and South Asia, Maruf Majid, following a competitive tender process orchestrated by SHB involving several global firms in the financial software market. It will consolidate SHB's software platforms for trade finance and cash management services for the first time.