GENEVA, Switzerland, 26 February 2010 – Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announces that CfC Stanbic Bank Kenya, the fifth largest bank in Kenya and part of the Standard Bank Group Limited, Africa’s largest banking group by market capitalisation, has gone live on TEMENOS T24 (T24) Model Bank. The implementation forms part of the operational merger of CfC Bank Kenya and Stanbic Bank Kenya.
CfC Stanbic Bank offers a wide range of services including transactional banking, wealth management and lending and is now one of 17 Kenyan financial institutions currently running Temenos software.
Prior to the merger, CfC Bank Kenya ran different systems with Stanbic Bank Kenya using Bankmaster. It was recognised that running separate systems with fragmented processes would create challenges across service delivery, transaction integrity, financial consolidation, costs and operational risk and thus impact the success of the new business. The decision was made to partner with Temenos and consolidate the two businesses onto the T24
Model Bank platform.
“Following the merger it was imperative to bring the two operating environments onto a single platform. Not only will this enable us to better serve our customers by having an integrated view of our client base and product set, but by automating a vast amount of processes, more staff will be re-deployed to the front office, generating a back to front office ratio of 40:60. Process automation will also ensure faster transaction processing for our customers, whilst
eliminating errors caused by manual intervention. Temenos was our preferred partner to take the new business forward; the Bankmaster system lends itself more to corporate banking and couldn’t give us the flexibility we require on the retail banking side”, commented Boniface Makumbi, Director, Chief Operations Officer, CfC Stanbic.
The bank’s ambitious growth objectives were a strong driver behind its decision to implement T24 Model Bank, which provides a functionally rich, SOA architecture to deliver the flexibility and scalability required to progress the business on a single, cost efficient platform. A team of Temenos professional services staff implemented the platform, which runs on IBM servers with an Oracle database.
Andreas Andreades, CEO Temenos comments: presence in the Kenyan market, where a number of the most successful banks run Temenos. We are delighted to be playing an integral role in helping CfC Stanbic deliver business growth. The Model Bank platform will enable the
bank to offer a consolidated product offering across all its customers and give them more choice with greater efficiency. Temenos’ high investment in R&D will ensure that the Model Bank platform will continue to meet the future needs of the bank’s rapidly evolving business model”.
About CfC Stanbic
CfC Stanbic Bank, is the fifth largest bank in Kenya measured by total assets. CfC Stanbic Bank was formed in June 2008 out of a merger that brought together Stanbic Bank Kenya Ltd and CfC Bank Limited, which included CfC Bank, CfC Life, CfC Financial Services, and Heritage Insurance.
CfC Stanbic Bank Limited pre-tax profit as at 31 December 2008 was Ksh 1.3 billion; an increase of Ksh 119 million from the results of the year ended 31 December 2007 and increase in profit after tax by 7.8 percent from Ksh 828 million in 2007 to Ksh 892 million in 2008.
CfC Stanbic Bank caters for both corporate, business and retail customers through their Personal and Business Banking (PBB) and Corporate Investment Banking (CIB) divisions. They have a network of 16 branches and employ over 800 staff in Kenya. CfC Stanbic Bank is a member of the Standard Bank Group
The Standard Bank Group, is Africa’s largest by market capitalization and assets. At the end of December 2008, the Standard Bank Group had total assets of approximately US$ 162 billion and the bank’s Market Capitalization was US$14 billion. The Group has representation in 16 countries in African and 17 countries in the rest of the world. Standard Bank Group is listed on stock exchanges in Johannesburg and London.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 51 offices worldwide, Temenos serves over 700 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2008, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech
companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.
Prior to the merger, CfC Bank Kenya ran different systems with Stanbic Bank Kenya using Bankmaster. It was recognised that running separate systems with fragmented processes would create challenges across service delivery, transaction integrity, financial consolidation, costs and operational risk and thus impact the success of the new business. The decision was made to partner with Temenos and consolidate the two businesses onto the T24
Model Bank platform.
“Following the merger it was imperative to bring the two operating environments onto a single platform. Not only will this enable us to better serve our customers by having an integrated view of our client base and product set, but by automating a vast amount of processes, more staff will be re-deployed to the front office, generating a back to front office ratio of 40:60. Process automation will also ensure faster transaction processing for our customers, whilst
eliminating errors caused by manual intervention. Temenos was our preferred partner to take the new business forward; the Bankmaster system lends itself more to corporate banking and couldn’t give us the flexibility we require on the retail banking side”, commented Boniface Makumbi, Director, Chief Operations Officer, CfC Stanbic.
The bank’s ambitious growth objectives were a strong driver behind its decision to implement T24 Model Bank, which provides a functionally rich, SOA architecture to deliver the flexibility and scalability required to progress the business on a single, cost efficient platform. A team of Temenos professional services staff implemented the platform, which runs on IBM servers with an Oracle database.
Andreas Andreades, CEO Temenos comments: presence in the Kenyan market, where a number of the most successful banks run Temenos. We are delighted to be playing an integral role in helping CfC Stanbic deliver business growth. The Model Bank platform will enable the
bank to offer a consolidated product offering across all its customers and give them more choice with greater efficiency. Temenos’ high investment in R&D will ensure that the Model Bank platform will continue to meet the future needs of the bank’s rapidly evolving business model”.
About CfC Stanbic
CfC Stanbic Bank, is the fifth largest bank in Kenya measured by total assets. CfC Stanbic Bank was formed in June 2008 out of a merger that brought together Stanbic Bank Kenya Ltd and CfC Bank Limited, which included CfC Bank, CfC Life, CfC Financial Services, and Heritage Insurance.
CfC Stanbic Bank Limited pre-tax profit as at 31 December 2008 was Ksh 1.3 billion; an increase of Ksh 119 million from the results of the year ended 31 December 2007 and increase in profit after tax by 7.8 percent from Ksh 828 million in 2007 to Ksh 892 million in 2008.
CfC Stanbic Bank caters for both corporate, business and retail customers through their Personal and Business Banking (PBB) and Corporate Investment Banking (CIB) divisions. They have a network of 16 branches and employ over 800 staff in Kenya. CfC Stanbic Bank is a member of the Standard Bank Group
The Standard Bank Group, is Africa’s largest by market capitalization and assets. At the end of December 2008, the Standard Bank Group had total assets of approximately US$ 162 billion and the bank’s Market Capitalization was US$14 billion. The Group has representation in 16 countries in African and 17 countries in the rest of the world. Standard Bank Group is listed on stock exchanges in Johannesburg and London.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 51 offices worldwide, Temenos serves over 700 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2008, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech
companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.