Bank of Cyprus consolidates treasury operations at its Nicosia headquarters using Misys Midas Plus with Global Processing
Advanced core banking system provides single view of data and business risk exposure across all international operations
24th July 2006 - Misys Banking Systems, a global leader in banking software and solutions, announces today that Bank of Cyprus has selected Misys Midas Plus with Global Processing to help it consolidate its treasury systems into a single location and improve the efficiency of its operations.
The bank has extended its relationship with Misys Banking Systems, having been impressed with the quality of its solutions and the superior service it has received from the company. Misys Midas Plus will enable Bank of Cyprus to automate much of the treasury activities within the bank, increasing control and reducing the overall cost of the treasury function.
Misys Midas Plus is a complete enterprise-wide banking application providing complete 'back-to-front' functionality across the complete spectrum of banking lines of business, providing a single supplier solution for multiple needs. Misys Midas Plus with Global Processing provides all the power of the application to meet the needs of banks wanting to centralise their operations and manage them from one single location.
"One of our strategic priorities is to widen our global footprint and consolidate our presence in the UK and other countries, including Greece and Australia," comments Leonidas Isodiou, Chief Information Officer, Bank of Cyprus. "We have successfully used Misys Midas for the last ten years to manage the back-office treasury function. We reviewed four other vendors alongside Misys Banking Systems and chose Midas Plus with Global Processing because of its ability to give us a centrally-located system which supports multiple time zones and languages and gives us a true enterprise-view of our management information."
The implementation of the system is expected to go live before the end of 2006 to dovetail with the expansion plans of the bank. Misys will integrate Misys Midas Plus with the existing core system. Misys Midas Plus, one of the most advanced products in the market today, will handle all traded instruments allowing traders and treasury managers to have real-time information on positions, exposures and profitability.
Jerry Luckett, Product and Strategy Director, Core Banking, Misys Banking Systems, is delighted with the bank's further commitment to Misys. "By using our market-leading global processing banking system, Bank of Cyprus will be in a great position to continue its expansion into new territories. Misys Midas Plus will minimise the risks associated with the expansion and cater for country variations in requirements. We are very pleased that Bank of Cyprus recognises the potential of Midas Plus to significantly increase the bank's competitive edge."
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44 (0) 208 486 1661
edward.taylor@misys.com
Global Head of Public Relations
Misys Banking Systems
+44 (0) 208 486 1661
edward.taylor@misys.com
About Bank of Cyprus, plc
Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In 1991, the Group established its first branch in Greece where it has been expanding rapidly since 1999. It has an established banking presence in the United Kingdom and in 2001 it expanded to Australia through a wholly owned subsidiary bank. In addition to retail and commercial banking, the Group's activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. The Group currently operates through a total of 279 branches, of which 147 operate in Cyprus, 115 in Greece, six in the United Kingdom, ten in Australia and one in the Channel Islands. Bank of Cyprus also has representation in the United States of America, Canada, South Africa, Russia and Romania. The Bank of Cyprus Group employs 6.062 staff worldwide.
Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In 1991, the Group established its first branch in Greece where it has been expanding rapidly since 1999. It has an established banking presence in the United Kingdom and in 2001 it expanded to Australia through a wholly owned subsidiary bank. In addition to retail and commercial banking, the Group's activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. The Group currently operates through a total of 279 branches, of which 147 operate in Cyprus, 115 in Greece, six in the United Kingdom, ten in Australia and one in the Channel Islands. Bank of Cyprus also has representation in the United States of America, Canada, South Africa, Russia and Romania. The Bank of Cyprus Group employs 6.062 staff worldwide.
At 31 March 2006, the Group's Total Assets reached C£12,61bn (€21,89bn) and the Group's Shareholders' Funds were C£800mn (€1,39bn). The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found at the Group's website www.bankofcyprus.com
About Misys Banking SystemsMisys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.
About Misys plcMisys plc (FTSE: MSY.L), the global software company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers' markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world's top 50 banks. In healthcare Misys is also a market leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to financial advisers in the UK. Misys employs around 6,000 people who serve customers in more than 120 countries. For more information, visit www.misys.com
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