MIT (Micro Informatique & Technologies SA), Lausanne announced that the National Bank of Abu Dhabi (NBAD) has selected CREDOC WINDOWS system to support 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 to its satisfaction. Furthermore, we were very impressed that MIT was able to implement the system in only three 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."