NBAD selects CREDOC WINDOWS for international branches

Abu Dhabi, September 15^th 2010

 MIT (Micro Informatique & Technologies SA), Lausanne announces that National Bank of Abu Dhabi (NBAD) has selected CREDOCWINDOWS as the system to support the Trade Finance operations of five international branches, namely United Kingdom, Jordan, Bahrain, Oman, and Kuwait. B-Source, the Swiss market leader in the sourcing of back office and IT services (BPO) to private and universal banks, will operate the system from its premises in Switzerland. NBAD’s branches will connect to the system remotely.

“It is a strategic contract for MIT since it reinforces our presence in the Middle East”, declared Paul Cohen Dumani, General Manager of MIT. He added: “Actually the company is going through exciting times with the recent sales of CREDOC in Switzerland and abroad, and also the launch of our new product TRAC for Trade Commodity Finance and Structured Trade Finance.”

NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.

“NBAD Private Bank (Suisse) SA, the 100% owned private banking subsidiary of the National Bank of Abu Dhabi (NBAD),has been using the system for two years and they are very happy with it. Furthermore, we were very impressed that MIT was able to implement the system in only 3 months in our fully independent and wholly-owned subsidiary.” said Ashraf Ahmad, Projects office Group Leader at NBAD. "The new solution allows us to increase our efficiency and to expand our business model."

 
About NBAD

The National Bank of Abu Dhabi (NBAD), the number one Bank in the UAE, was incorporated in 1968 and is listed in the Abu Dhabi Securities Exchange (ADX), under stock code NBAD. Ranked as one of the 50 safest banks in the world, NBAD was named in 2010 as the Best Bank in the UAE for the second consecutive year and for the fourth time in a decade. A global bank, NBAD operates in 13 countries spanning four continents. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses. The Bank is organised into various client-focused divisions. They are the UAE Domestic Banking, International Banking, Financial Markets, Corporate and Investment Banking, Abu Dhabi National Islamic Finance (ADNIF), and Global Wealth comprising of Private Banking and Asset Management Group, and the wholly owned stock brokerage company Abu Dhabi Financial Services (ADFS). The Bank's wholly owned subsidiaries, Abu Dhabi National Leasing Company (ADNL) and Abu Dhabi National Properties (ADNP) are part of the Corporate and Investment Banking division.

 
More information: www.nbad.com

About B-Source 

B-Source is the Swiss market leader in the sourcing of back office and IT services (BPO) to private and universal banks. B-Source also provides IT Outsourcing (ITO) services to the financial, insurance and other selected industries. Its clients include banks in Switzerland and a number of other countries. All services are ISO 9001:2008 and ISO/IEC 27001:2005 certified and the company is SAS 70 Level II audit report compliant. B-Source works closely with its business partners the University of St. Gallen's Competence Center Sourcing, Avaloq and Orbium. B-Source's new BPO platform, the B-Source Master, is “powered by Avaloq”.

Founded in 1995,B-Source has offices in Basel, Lucerne, Lugano, Nyon, St.Gallen, Winterthur, Zurich and Munich. Its data centers are located in Lugano and Zurich. The current number of employees is approximately 600, half of which are banking professionals.

More information: www.b-source.ch