February 2011,

MIT (Micro Informatique & Technologies SA), Lausanne announces that Banque Cantonale de Genève (BCGE) went live with MIT's latest product TRAC (Trade Risk Active Control). TRAC will support the activity of the BCGE in Trade Commodity Finance.

Later this year, TRAC will be integrated with BCGE's Trade Finance system CREDOC also developed by MIT, and their core banking system FINNOVA. “BCGE is our first live implementation for TRAC”, comments Paul Cohen Dumani, General Manager at MIT, who remains confident that TRAC will gain significant market share in the next three years.

Cohen Dumani adds: “ BCGE backed us in this project since the very beginning, and believed the TRAC concept was the right answer to a lack of automation in the Trade Commodity Finance sector. Their experience and input throughout the whole project proved to be a highly useful complement to our expertise in this field”.  

Pierre-Olivier Fragnière, head of Global Commodity Finance at BCGE declared: “We are satisfied with our partnership with MIT, and especially with the fact that they were able to meet the deadlines set in their roadmap for the development of the TRAC project”. Fragnière added: “Our team is very enthusiastic to work with the new system, which will also enhance our monitoring of this activity”. 

About BCGE (www.bcge.ch)

BCGE: “made in Geneva” banking solutions

A universal bank since 1816, BCGE provides high-quality banking services for private, business and institutional customers in Geneva and its surrounding area. BCGE offers the following bank services: everyday banking facilities, private banking and asset management, pension planning, mortgages, and lending to the private and public sectors. It runs a trading room and offers financial engineering, corporate finance and global commodity finance services. The BCGE Group has 22 branches in Geneva and operates a number of its services inLausanne, Lugano, Zurich, Lyon, Annecy, Paris, Hong Kong and Dubai. It employs 810 people. BCGE is quoted on the SIX Swiss Exchange, the Swiss stock exchange.