Thierry de Loriol, CEO BIL Suisse
Avaloq Sourcing Switzerland, Avaloq’s business process outsourcing (BPO) subsidiary (previously B-Source), has migrated KBL Switzerland to the BPO platform of Banque Internationale à Luxembourg (BIL Suisse).
The BPO solution is based on the vendor’s flagship core banking platform, Avaloq Banking Suite, and the migration took five months.
BIL Suisse acquired the Swiss subsidiary of KBL in early 2015, as part of BIL Group’s “strategic focus on major international private banking centres”.
As part of this takeover KBL was migrated to BIL Suisse’s existing BPO setup. BIL Suisse itself moved to the Avaloq Banking Suite in summer last year. It replaced the Ambit Private Banking system supplied by Sungard (now owned by FIS).
The BIL group is Luxembourg’s oldest private bank and has been offering its services in Switzerland since 1984, mainly in the private and corporate banking sectors.
BIL has a history with Avaloq in Luxembourg, albeit not a very happy one. In 2014, the two parties planned to set up a BPO subsidiary for the Benelux market and also to replace BIL’s legacy core software with Avaloq Banking Suite. However, the partnership fell apart as Avaloq and BIL could not agree on the commercial terms of the venture and both projects were scrapped.
This, however, did not prevent BIL Suisse from having a successful working relationship with Avaloq.
Thierry de Loriol, CEO BIL Suisse, says: “Switzerland has always been the most important booking centre outside Luxembourg. It was crucial that we were able to integrate KBL into our existing set-up with Avaloq Sourcing Switzerland as quickly as possible.”
He adds: “Concluding the migration in as little as five months is a tremendous achievement.”
Due to this latest integration, the bank has been able to considerably expand its Swiss business and double its assets under management.