Bank of Cyprus has selected the Misys Equation platform for its enterprise-wide core banking system. The bank is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this so-called ‘1bank’ concept, enabling the bank to consolidate its core banking systems into one, reducing costs and improving efficiencies. The bank hopes that this will also allow it to expand more rapidly into new territories in the future.
Bank of Cyprus has a stated strategy to maintain its position in all sectors and continue to expand its business outside Greece, Cyprus, Australia and the UK, developing its international business in Russia, Ukraine and Romania. The track record of the Misys solution, particularly in those countries that are target markets for the bank’s future expansion, was crucial in the agreement.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.