Open Link Financial, Inc. ("OpenLink") has announced that Europe Arab Bank, a wholly owned subsidiary of Arab Bank plc, has selected Findur--OpenLink's cross-asset trading, risk management, operational and portfolio management software--to increase the efficiency of its treasury and capital markets operations.
"The bank employed a rigorous sourcing process to ensure selection of the best possible system for its operations," said Antoine Sreih, chief operating officer at Europe Arab Bank (EAB). "We initially reviewed and considered solutions from eleven vendors," he continued. "With the assistance of IBM Consulting, we narrowed down possible solutions to a short list of five potential software providers. After careful analysis, OpenLink was chosen as the preferred solution."
"As well as providing the features we needed, OpenLink's Model Bank pre-configured software implementation approach was an additional benefit," Sreih added. OpenLink's Model Bank provides a pre-configured version of Findur based on the "best practices" of other financial institutions where OpenLink has already been implemented.
"The completion of this agreement is very significant for Europe Arab Bank," said Sreih. "OpenLink provides all the capabilities our institution needs such as cross-asset and risk management plus operations and portfolio management. Another important benefit that OpenLink provides us is one integrated solution in lieu of using more than one vendor or developing a costly proprietary solution. OpenLink allows for extensive customization and is quickly adaptable to changes in our marketplace, such as new financial products. Yet another important factor is that OpenLink can be expanded to other aspects of bank operations since it supports full straight-through-processing from front-to-back-office."
"EAB's vision is to be the pre-eminent bank for clients in Europe, the Middle East and North Africa so we are delighted that they have chosen to join OpenLink's diverse client base," said Kevin Hesselbirg, CEO at OpenLink. "This is a testimony to the breadth, scope and flexibility of the functionality available in our financial markets solution suite. We anticipate that EAB will derive quantifiable gains in efficiencies and cost savings while at the same time be able to reduce operational risk and augment capabilities in offering new financial products."
About Europe Arab Bank
Europe Arab Bank plc (EAB) is a wholly owned subsidiary of Arab Bank. It opened its doors for business in August 2006 and has a capitalization of some €700m (about $1.1 billion). EAB's headquarters are in London, England and the bank currently has branches in Frankfurt, Madrid, Milan, Vienna, Rome, Paris and Cannes. Clients of EAB plc have access to a comprehensive set of treasury, private, corporate and institutional banking products and services, providing a niche service to a growing number of European companies and individuals wishing to transact with the MENA region.
Arab Bank Group is ranked among the largest international financial institutions in the Middle East, with assets of $38.3 billion The group now has a global network of 400 branches and subsidiaries in 29 countries, spanning five continents and enjoys a prominent position in key markets and financial centers in Europe, Asia-Pacific, and the United States.
About OpenLink
Founded in 1992, OpenLink is a leading developer of cross-asset trading, risk management, and related operational and portfolio management software. OpenLink's diverse client base of over 130 customers worldwide includes 10 of the top 25 largest energy companies by market capitalization, eight of the largest financial institutions, and seven of the largest central banks, as well as major hedge funds and public utilities. Headquartered on Long Island, N.Y., and with offices in New York, Houston, London, Berlin, Vienna, Sao Paulo, and Sydney, OpenLink has 620 employees worldwide.
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