Misys PLC, a global provider of application software and services for the banking and financial industry, has announced that the National Bank of Abu Dhabi (NBAD) will deploy its commercial lending solution, Misys Loan IQ, for its loan operations.
"The solution proposed by Misys will provide the bank with market-leading functionality that addresses each area of the bank's requirements from the Structured Finance Team, Credit Management, Risk Control, Accounting and Compliance and Portfolio Management. It will also enable NBAD to capitalise on the unparalleled commercial lending expertise that Misys has gained from working with the top financial institutions worldwide," said Kevin Hayden, Treasury & Capital Markets Operations Director , Middle East and Africa, Misys.
NBAD, the UAE's largest bank by market capitalisation, commissioned Misys to suggest a robust and scalable solution for its lending-related back-office operations. Misys Loan IQ currently processes over a third of international syndicated loans and more than a half of the world's loan trades. Misys Loan IQ is used by leading global financial institutions to automate, optimise and develop their commercial lending business. Loan IQ will help NBAD to streamline workflows, increase loan processing efficiencies and reduce turnaround time.
"The Bank preferred a turnkey product, highly capable of resolving their operational issues, which will be delivered via our Loan IQ system. Misys Loan IQ is backed by our 18 years of expertise in the lending field and has all the functionality needed to meet complex loan trading transactions." said Roy Froud, Director, Middle East and Africa, Misys.
"We intend to improve efficiency and customer service provided to corporates and financial institutions that participate in NBAD's syndicated lending." said Nigel Carrington, NBAD's Divisional Manager of Operations. "Misys Loan IQ will be a key factor in realising this goal."
Misys Loan IQ covers Origination, Agency Servicing, Loan Trading, Accounting, Portfolio Management, Treasury, Collateral Management, Total Return Swaps, Bilateral Lending, and Reporting. The multi-currency and multi-branch capable solution features a proven scalable technology and provides comprehensive coverage for bilateral loans and highly structured syndicated deals. Loan IQ users have reported cost savings of up to 20 per cent through systems consolidation and reduced headcount.
Misys' leading portfolio of banking and financial products and services is used by all of the top 50 of the world's banks. For over 30 years Misys has been providing industry-leading integrated and comprehensive solutions for retail and corporate banking and treasury operations.
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. The Bank was ranked in the World's 50 Safest Banks in 2009 by Global Finance and recognised as a super brand by Super brands, the independent authority and arbiter on branding. NBAD provides financial services to all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses. NBAD is an award winning leader in the UAE and GCC financial services industry.