On 12 December 2016, Arab Bank (Switzerland) Ltd. signed a long-term contract with Avaloq for full Business Process Outsourcing (BPO) services. By partnering with Avaloq, the bank will benefit from the Avaloq Banking Suite, a state-of-the-art solution that includes a fully integrated component for upcoming legal and regulatory requirements. The migration is expected to be completed by the middle of 2017.
Arab Bank (Switzerland) Ltd. is a private bank based in Geneva that mainly focuses on wealth management, investment advisory and trade finance. For over 50 years, Arab Bank (Switzerland) Ltd. has delivered world-class private banking services to its clients, traditionally from the Middle East. More recently, the bank has expanded its offerings to cater for commodity trading companies out of Switzerland.
The Avaloq BPO solution entirely covers banking processes and back-office services in an integrated way and is fully compliant with legal and regulatory requirements (FIDLEG, MIFID II, etc.). By outsourcing standardised processes, Arab Bank (Switzerland) Ltd. can improve its operational excellence, reduce the efforts spent on legal and regulatory aspects and focus on its core competencies, adding value for its clients.
Nasri V. Malhamé, CEO at Arab Bank (Switzerland) Ltd comments: “By working with Avaloq, we gain more efficiency and agility. As we can now build on Avaloq’s expertise when it comes to handling the increasing legal and regulatory demand, we can free up resources and focus even more on our clients by concentrating on comprehensive consulting services and high-quality advice”.
Markus Gröninger, Avaloq’s Group Chief Global Processing Network, adds, “I am extremely pleased to welcome Arab Bank (Switzerland) Ltd. in our growing customer community. Our BPO solution enables the bank to access advanced technologies as well as highly efficient processes. We are happy to offer further an innovative digital solution to Arab Bank (Switzerland), namely Digital Suite as a Service, which offers first-class online client experience and will contribute to the bank’s future growth.”