Al Watany to bolster core banking system

Egypt's Al Watany Bank is deploying a core banking system from Swiss software provider Temenos to support its modernisation and expansion plans in the country.

  • E-Mail
By  Administrator Published  March 29, 2007

Egypt's Al Watany Bank is deploying a core banking system from Swiss software provider Temenos to support its modernisation and expansion plans in the country.

The bank said last week it had selected Greek firm Informer Financial as the prime contractor to implement Temenos's T24 core banking system, as well as Informer's own Loan Originator 24 retail and corporate lending solution and multi-channel e-banking solution b-direct.

Al Watany said it was looking to achieve a centralisation of operations through a modern and powerful IT system, which would provide speed and efficiency of operations, whilst being capable of handling the bank's anticipated growth.

The bank said the decision to upgrade its infrastructure came at an important time in the Egyptian banking sector, with many banks having recently undergone substantial increases in capital to fund growth, and with foreign investment and mergers and acquisitions increasing all the time.

"The entry of several foreign banks in the Egyptian market created a new dimension of competition. We took a strategic decision to select a new fully integrated core banking system before the year-end, which we plan to implement during 2007," said Yasser Ismail Hassan, managing director of Al Watany Bank.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code