Union National Bank (UNB), Abu Dhabi, one of the Middle East’s leading banks, today announced the implementation of the Infosys Finacle Treasury solution to empower its Treasury and Capital Markets' business, as well as integrate its trading, risk management and back office operations. Finacle has also enabled UNB to extend its Fixed Income offering to newer markets in Europe and South East Asia and manage more asset types effectively.
• The implementation of the Finacle Treasury solution will help UNB process trades faster and also aggregate risk across multiple asset classes seamlessly
• The new solution has automated the monitoring of various limits and alerts to relevant stakeholders at UNB. It also offers real-time monitoring and action in case of a security breach
• In addition, regulatory reports can be prepared with ease ensuring compliance and faster reconciliation between the bank’s middle and front-office records
• Finacle management modules implemented at UNB include Forex, Money Market, Fixed Income Securities, Equities, Derivatives, VaR and Limits and Risk Tracking
Galal E.Khadr, Senior Vice President - Head of Treasury & Investment Division, UNB:
"As we expand our operations regionally and globally, it is critical for us to deploy the right technology that allows us to effectively reach and serve our customers. Key operations within UNB's back office, such as accounting, SWIFT and UAEFTS have now been completely automated with Finacle. This will allow UNB to manage increased business volumes without increasing headcount. I am glad that over the years, our focus on quality has been maintained and enhanced even as our operations have expanded significantly".
Venkatramana Gosavi, Regional Head, Growth Markets Finacle, Infosys:
"The successful roll out of Finacle Treasury at UNB reiterates our strong partnership with the bank and the solution's seamless management capabilities. It also reinforces our commitment to the Middle East and Africa market. Through this ongoing technology transformation engagement, we will continue to help UNB accelerate its own innovation-led growth and provide the highest level of service to its customers."
About Union National Bank
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.
Infosys (infosys.com) is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and on Form 6-K for the quarter ended December 31, 2013. These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Paul de Lara, Infosys, UK
P: +44(0)20 7516 2748 - E: Paul_deLara[.]infosys.com.
Tara Kozak-Lindsay - GolinHarris for Infosys, USA
P: +1 212-373-6020 - E: TKozakLindsay[.]GolinHarris.com.
Mona Zayati, Corporate Communications Manager
UNB Group Corporate Communication
T: +971 2 6984809 / M: +97150 4108400 - E: Mona.zayati[.]unb.ae.