Summit Systems today announced that it has been selected by BayernLB to provide a global system that will handle all instruments from trade entry through to settlement.  The depth and breadth of Summit will allow BayernLB to replace over 16 existing systems used in various areas and locations of the Bank.  Summit will enable BayernLB to centralise its operation in one global hub in Munich, with several hundred users accessing both directly and through Citrix from London, Hong Kong, Luxembourg, New York and Paris.

The driving force behind the system rationalisation project is the determination of BayernLB to adjust its business model in preparation for the bank’s new rating environment. “We are concentrating on the three crucial parameters - stabilising income, reducing capital commitment, and further cutting back on administrative expenses - in order to achieve our planned long-term rating of at least A+,” comments Mr Dieter Burgmer, Member of the Board of BayernLB. “Our decision to pool all applications into one with Summit as the BayernLB core solution for investment banking, will help us achieve this goal. Replacing such a large number of systems will reduce costs in many areas by reducing system complexity and improving STP.”

Summit will be implemented across multiple asset classes and will handle trades from trade entry through to settlement. It will eventually lead to the decommissioning of a number of in-house applications and trading systems. Summit will cover high volume fixed income, foreign exchange, money markets and OTC derivatives.

Raphael Bensimhon, Sales Director for Summit in Europe says, “BayernLB has been a customer of Summit for some-time but this is a huge contract addition and upgrade. Specifically the sale adds many more users, provides for BayernLB changing to a centralised real-time STP architecture and adds back-office functionality in a wide variety of instrument classes. We expect the Bank to benefit greatly from having one system for trade entry, risk management and operations.”

Herve Baulme, CEO of Summit adds, “Over the past couple of years Summit has invested a significant amount of development resource to deliver our real-time architecture and add the innovative functionality demanded by today’s financial institutions.  We now have the breadth and depth of coverage in addition to leading-edge technology that makes us well positioned to handle similar rationalisation projects.”

BayernLB will take Version 3.6 of Summit. With 10 locations worldwide grouped in 4 regional regions and the replacement of 16 existing systems, the system is expected to be implemented over a 2 year period with an expected go-live around August 2006.  Summit will be working alongside various consultancy firms who will handle the project management and implementation.

For further information please contact:-

Suzanne McLaughlin
Global Marketing Manager
Summit Systems International Ltd
18 King William Street
London
EC4N 7BP
United Kingdom

Tel: +44 (0) 20 7337 8558
Email: suzanne_mclaughlin@summithq.co.uk

Bayerische Landesbank
Global Markets
Project Management
Brienner Straße 18
80333 München

Jochen Winklharrer
Project Management
Tel: +49 (0) 89 2171-23700

Gerhard Ecker
Project Management
Tel: +49 (0) 89 2171-23690

Bernhard Steege
Project Management
Telefon: +49 89 2171-22866

About BayernLBWith a consolidated balance sheet of EUR 313 billions as of 31 December 2003, Bayerische Landesbank (BayernLB) is one of the largest banks in Germany. The bank has its headquarters in Munich. BayernLB is jointly owned by the Free State of Bavaria and the Association of Bavarian Savings Banks, each with a 50% stake.

The Bank's trading and issuing operations - BayernLB is one of the largest issuers of bonds and securities in Germany - are concentrated within in its "Global Markets/Asset Management" business area.

About SummitSummit Systems provides a proven, technologically advanced, multi-asset class solution for treasury and capital market participants. With headquarters in New York and operations in Paris, London, Frankfurt, Seoul, Singapore and Tokyo, Summit is a world-leader in banking software solutions. Summit is a scalable, open and extendible solution covering fixed income, treasury, derivatives and commercial lending. It provides sophisticated trader tools and risk management combined with rules-based workflow and real-time trade processing - helping financial institutions increase STP and reduce costs.

Summit are exhibiting at Sibos, Atlanta (11-15 October 2004). Stand number E087.

Founded in 1990, Summit is a wholly-owned subsidiary of Misys plc.

About Misys plcMisys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries.  Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK.  Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs over 6,000 people internationally.