EFG and BSI unite on Temenos’ T24 core banking tech
Swiss private bank EFG International has competed the migration of all former BSI business onto its technology platform, Temenos’ T24.
The BSI business was moved from Avaloq Banking Suite, supplied on a hosted basis by Temenos’ rival Avaloq.
EFG bought BSI from Brazil’s troubled Grupo BTG Pactual for CHF 1.33 billion ($1.38 billion) in spring 2016. In its turn, BTG Pactual took a stake in EFG of around 20%.
The combined bank manages around CHF 170 billion ($176.6 billion) in revenue-generating assets.
EFG is a long-standing user of Temenos’ T24 core banking system. It was actually one of its very first takers. EFG’s former COO and currently member of the board, Ian Cookson, is Temenos’ non-executive and independent director.
According to a joint presentation by EFG and BSI in May 2016, the IT and operations platform integration and migration project will run until Q4 2018 and cost CHF 80 million ($83 million).
At the time of the takeover, BSI’s annual spend on IT and operations stood at CHF 160 million ($166 million), whilst EFG’s spend was CHF 80 million ($83 million). So BSI’s expenditure in this area was twice as much for a similar number of employees and assets under management (AUM).