Misys, the global leader in financial services software, announced that Bank of Beirut, one of Lebanon's commercial banks, is expanding its business and has successfully gone live on Misys Sophis VALUE to enable the bank to address local market requirements and support its growth.
Misys Sophis VALUE will ensure that Bank of Beirut maintains its position as one of the leading banks in Lebanon. Straight-through-processing (STP), a comprehensive trade repository and cross-asset collateral and margin management, will provide the technical architecture to interface with all the satellite systems of the banks, making it easily customisable to handle Lebanese market practices. The bank is now able to enhance operational efficiency whilst ensuring better workflow management. Bank of Beirut will be using Sophis VALUE across its treasury, asset management and brokerage divisions.
Bank of Beirut is one of Lebanon’s leading commercial banks operating across six countries, with a 60-branch network in Lebanon and a 16-branch subsidiary in Australia (Bank of Sydney)offering an extensive range of wholesale and retail banking services.
The Bank has positioned itself in the local market as the provider of efficient banking services and competitive products, targeting high net worth customers, SMEs, capital investment projects and local "prime" corporations. Its primary activities consist of retail banking services, commercial and corporate banking services, trade finance services, correspondent banking services, and treasury and capital market activities. Bank of Beirut was the first bank in Lebanon to launch Asset Management services to target private investors in both the domestic and regional markets.
In its banking operations, Bank of Beirut has been running its critical core retail banking on Misys Bankmaster for the last 15 years. After evaluating local and international vendors, the Bank decided to extend its partnership with an integrated solution of Misys BankFusion and TI Plus for its banking operations and to manage trade finance activities globally.
"The proven expertise and credibility of Misys in the region made it a natural choice for us to continue our partnership with the firm," Gaby Andari, Chief Information Officer of Bank of Beirut, states. "As one of the leading banks in the country, it is our endeavour to consistently enhance our ability to address customer requirements and provide the highest level of service, whilst ensuring that our strategic objectives are achieved in a sustainable manner. We have recognised that our growth strategy will only be possible by adopting more advanced technological solutions, which are in line with our various operations."
"We are delighted that our solutions are recognised as being world-class by Bank of Beirut," comments Fady Fiani, Head of sales South Asia & Middle East at Misys: "Banks turn to us because we provide them with sophisticated systems that help mitigate operational and financial risk to their business. They trust us to stay at the forefront of the industry with the assurance that they can continue to grow their product portfolio and expand across the region, which is crucial in today’s ever-changing financial environment."