Misys to deploy risk platform in Lebanon

Lebanon & Gulf Bank (LGB) has signed a deal with Misys Banking Systems for its risk management system to help it comply with Basel II regulatory requirements.

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By  Administrator Published  March 14, 2007

Lebanon & Gulf Bank (LGB) has signed a deal with Misys Banking Systems for its risk management system to help it comply with Basel II regulatory requirements.

The bank, which provides a full range of financial services to corporates, institutions and consumers in Lebanon and abroad, is an existing Misys customer running its core banking operations on the vendor’s Equation banking software.

LGB said this week it was installing the Misys Almonde integrated risk management and compliance platform in its headquarters in Beirut, integrating it with Equation and other market data systems in use at the bank. The system will automate regulatory reporting within the bank, it said.

”Our relationship with Misys brings us real value,” said Samer Itani, general manager LGB. “As we use Misys Equation as the core system in the bank, it made sense to choose Misys Almonde to enable us to not only have a quick implementation but also not to worry about the cost and risk of integrating two systems.”

The bank said it has also purchased Misys’ anti-money laundering solution to help support the processes around customer acquisition and verification, and monitor suspicious activity.

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