DHAKA: International Finance Investment and Commerce Bank Limited (IFIC), the fastest growing bank of the country, has selected Misys BankFusion as its core banking platform, helping the bank respond rapidly to changes in the market and to accelerate the bank’s already impressive recent growth.
In this regard, a Memorandum of Understanding (MOU) was signed between IFIC and Misys BankFusion at its Headquarters in London.
Chairman of Executive Committee of the Board & Director of the Board Mohammad Lutfar Rahman, and Managing Director and CEO of IFIC Mohammad Shah Alam Sarwar, President and Chief Sales Officer (CSO) Frank Brienz and VP of Banking at Misys Erin Smith were among others present in the ceremony.
Founded in 1983, IFIC is the fastest growing bank in the People’s Republic of Bangladesh – the bank registered a growth of 26 per cent in deposits in 2012, to 92,433 million Taka. IFIC comprises 108 branches, its regional presence is rapidly expanding and today includes branches in Bangladesh, Pakistan and Nepal.
IFIC has signed for BankFusion Equation core banking system and BankFusion Teller, to accelerate the bank’s branch network expansion and profitability. With BankFusion, the bank will be able to de-risk its business operations and further grow its corporate and retail banking operations.
IFIC will benefit from BankFusion Workbench, an integral part of the solution, which will allow the bank to model and build its own modules and composite applications independently, by business users. This will accelerate IFIC’s ability to bring new products to market, enabling the bank to react more quickly to market trends and customer needs.
Addressing the signing ceremony, Mohammad Shah Alam Sarwar, Managing Director and CEO of IFIC said: “IFIC’s growth strategy is based on the foundation of ensuring an excellent customer experience by providing quality and timely services.”
He said, “The state of the art technology in Misys BankFusion will allow us to launch new innovative products and services quickly and effectively to the market, keeping us at the forefront of retail banking.”
Misys BankFusion is the most technologically advanced and flexible core banking system available today and we are confident that it will support and accelerate IFIC’s growth, the CEO said.
Commenting on this project, Erin Smith, VP of Banking at Misys said: “We are committed to providing cutting-edge solutions that deliver real business value to our customers. As financial markets are becoming more competitive, financial institutions need tobring new solutions to the market at a faster pace to outperform competitors.”
The high official added: “In selecting Misys BankFusion, IFIC is embracing technology to create a platform for future growth and improve the efficiency of its operations. We are delighted to be working with this visionary leader.”
“As our business grows and our world class solutions are chosen by similar renowned financial institutions, Misys is well positioned to maintain its leading position in the South Asian financial services sector,” Erin Smith added.
BDTS: 1655 HRS, OCT 01, 2013
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