HSBC, FHL Bank of Pittsburgh and Bank Danamon Sign Up with Summit

Summit Systems has signed deals with HSBC, Federal Home Loan (FHL) Bank of Pittsburgh and Bank Danamon in Jakarta. The contracts cover a range of asset classes including treasury, fixed income and structured trading. HSBC has signed to take Summit MUST to process structured trades including trades with underlyings spanning multiple asset classes. The tool will be used by HSBC to manage all structured trades straight through from trade entry to risk management and operations, with all parts of the processing working off the same trade definition. For FHL Bank of Pittsburgh, Summit will deliver pre-trade analytics, operational processing and accounting for its fixed income and derivatives portfolio, including mortgage-backed securities (MBS). Bank Danamon – one of Indonesia’s largest banks – will implement Summit for Treasury. The 60-user system will cover all the bank’s needs from trading, through to risk and operations. ‘Danamon is our first deal in this area of Asia,’ said Xavier Bellouard, Managing Director of Summit Systems International. ‘We have recently invested in opening Summit offices in Seoul and Singapore to drive growth in the Asia region. This is our largest order in Asia and follows on from recent successes in China and South Korea.’


Related reading

New consumer banking head for Citi Asia Pacific