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T24 News

Global solutions Limited has deployed Temenos T24 in Sovereign Bank Ghana limited, making it  the first  site to go live on the new T24 Java based technology in West-Africa

Ghana-based Unibank has completed a major upgrade from Temenos’ T24 R8 core banking system to R15. The bank is the first in Africa to be up and running with this version of Temenos’ flagship product, Banking Technology understands.

SEATTLE & VIENNA--()--Automic, the leader in Business Automation software, today announced that Meezan Bank has successfully implemented Automic Workload Automation with the Temenos T24 banking application to significantly increase reliability and control, lower business risk and streamline business reporting. Since implementation, Meezan Bank’s use of automation has resulted in complete, compliant control over the close of business (COB) process.

Swiss private banking group Julius Baer has completed its acquisition of Commerzbank International S.A Luxembourg (Cisal), a fully-licensed private bank located in the Duchy.

Moving forward, the private bank will operate under the name Bank Julius Baer Luxembourg S.A., headed by Cisal’s former chief executive Falk Fischer.

Thomas Fehr, former branch and country manager of Luxembourg for Commerzbank, will become chief operating officer and a member of the executive board of the bank in Luxembourg.
Price tag

The total consideration of €78m, which includes €35m of regulatory capital transferred as part of the transaction, was paid in cash. Total restructuring and integration costs are estimated to amount to approximately €20m.

“The Luxembourg banking licence and Cisal’s T24 platform and expertise offer clear benefits for the group as a whole.”

The transaction significantly strengthens Julius Baer’s presence in Luxembourg, where the group is already active through its local entity Julius Baer Investment Services S.A R.L., and provides Julius Baer with a booking centre in this important European financial centre.
Platform bonus

An additional benefit of the transaction is Cisal’s banking platform, which runs on the same system as Julius Baer’s target platform. The acquired Temenos T24 platform and the related IT expertise will add relevant experience to Julius Baer’s currently ongoing worldwide platform renewal project.

At the same time, the newly acquired booking centre will present Julius Baer with further strategic flexibility for servicing its European clients.
Julius Baer expansion

Gian A. Rossi, member of the executive board of Bank Julius Baer and head northern, central and eastern Europe, said: “I very much look forward to welcoming the new clients and colleagues to Julius Baer. Cisal is a high-quality franchise, which will enable us to further expand our footprint in this important financial centre.

“Additionally, the Luxembourg banking licence and Cisal’s T24 platform and expertise offer clear benefits for the group as a whole.”

Fischer added: “My colleagues and I are excited to join Julius Baer. Thanks to the group’s position as the leading Swiss private bank with a global reach and the great cooperation with the colleagues of the existing local franchise in Luxembourg, I am convinced that our clients will benefit from the unique investment knowledge, exceptional client focus and the enhanced offering the combined businesses will be able to provide.”

Moving forward, the private bank will operate under the name Bank Julius Baer Luxembourg S.A., headed by Cisal’s former chief executive Falk Fischer.

Thomas Fehr, former branch and country manager of Luxembourg for Commerzbank, will become chief operating officer and a member of the executive board of the bank in Luxembourg.

Price tag

The total consideration of €78m, which includes €35m of regulatory capital transferred as part of the transaction, was paid in cash. Total restructuring and integration costs are estimated to amount to approximately €20m.

“The Luxembourg banking licence and Cisal’s T24 platform and expertise offer clear benefits for the group as a whole.”

The transaction significantly strengthens Julius Baer’s presence in Luxembourg, where the group is already active through its local entity Julius Baer Investment Services S.A R.L., and provides Julius Baer with a booking centre in this important European financial centre.

Platform bonus

An additional benefit of the transaction is Cisal’s banking platform, which runs on the same system as Julius Baer’s target platform. The acquired Temenos T24 platform and the related IT expertise will add relevant experience to Julius Baer’s currently ongoing worldwide platform renewal project.

At the same time, the newly acquired booking centre will present Julius Baer with further strategic flexibility for servicing its European clients.

Julius Baer expansion

Gian A. Rossi, member of the executive board of Bank Julius Baer and head northern, central and eastern Europe, said: “I very much look forward to welcoming the new clients and colleagues to Julius Baer. Cisal is a high-quality franchise, which will enable us to further expand our footprint in this important financial centre.

“Additionally, the Luxembourg banking licence and Cisal’s T24 platform and expertise offer clear benefits for the group as a whole.”

Fischer added: “My colleagues and I are excited to join Julius Baer. Thanks to the group’s position as the leading Swiss private bank with a global reach and the great cooperation with the colleagues of the existing local franchise in Luxembourg, I am convinced that our clients will benefit from the unique investment knowledge, exceptional client focus and the enhanced offering the combined businesses will be able to provide.”

- See more at: http://www.international-adviser.com/news/1030228/julius-baer-buys-commerzbank-luxembourg-private-bank#sthash.Ac8hrkBo.dpuf

Temenos has landed a major deal with Standard Chartered, to modernise the bank’s wealth management software across 30+ countries.

Banque Internationale à Luxembourg (BIL), the oldest bank in Luxembourg, is embarking on a major tech overhaul. It will replace its legacy software with Temenos’ T24, Banking Technology understands.

Central Bank of Somalia is embarking on a major tech overhaul, with sponsorship from the World Bank.

There are a lot of people who have never heard about Temenos T24 before, even though it is one of the most commonly used core banking technology solutions. But even this core protocol has to evolve over time, and keeping an eye on new technologies is always a good business strategy.

Bank of Montreal Asia Pacific, part Canada’s BMO Financial Group, will implement Temenos’ flagship core banking system, T24.

New payment technology is transforming financial systems by allowing direct bank-to-bank settlements in real time, even for international transfers.