Arab Bank (Switzerland) in tech revamp with Avaloq
Arab Bank (Switzerland), a private bank in Geneva, has signed a long-term deal with Avaloq for the vendor’s complete business process outsourcing (BPO) services.
The services will be provided by the vendor’s local BPO subsidiary, Avaloq Sourcing Switzerland (formerly B-Source).
The solution is based on Avaloq Banking Suite, the vendor’s flagship core software offering for private banks.
On the way out is the legacy Ambit Private Banking system from Sungard/FIS. Arab Bank (Switzerland) has been using it for over a decade, Banking Technology understands.
Nasri V. Malhamé, CEO at Arab Bank (Switzerland), hopes “to gain more efficiency and agility” by working with Avaloq. The BPO set-up will free up resources at the bank to focus more on clients, Malhamé adds.
Also, the bank “can now build on Avaloq’s expertise when it comes to handling the increasing legal and regulatory demand”.
The migration is scheduled for completion in mid-2017.
Arab Bank (Switzerland) has a history of over 50 years. It specialises in wealth management, investment advisory and trade finance, with the customer base mainly from the Middle East. More recently, it has expanded its offerings to cater for commodity trading companies out of Switzerland.
The bank is directly owned by approximately 22,000 shareholders.