- $2.9 Billion Commercial Bank Chooses BISYS for Best-of-Breed Technology,
Integration Capabilities, and Service Responsiveness -
NEW YORK, Aug. 19 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has been selected by Chicago-based Corus Bank, N.A., a
wholly owned subsidiary of Corus Bankshares, Inc., to provide enterprise-wide
information processing outsourcing services and technology.
Corus Bank, a $2.9 billion commercial bank, selected BISYS after a
rigorous evaluation that included multiple national outsourcing providers.
Through the long-term, multiple-services outsourcing arrangement, BISYS will
support the bank's commercial and retail lines of business with real-time,
browser-based access to its core banking applications. BISYS also will
provide access to a suite of integrated ancillary products, including its
premier customer relationship management solution; its industry-leading
customer care solution for service, sales, and marketing; and its
state-of-the-art data warehousing, reporting, and analysis solution.
Corus Bank operates 11 branches in the Chicago metropolitan area and, in
addition to maintaining a strong retail deposit franchise, specializes in
commercial real estate lending. The bank has strong expertise in underwriting
various property types on a nationwide basis, including special niches in
financing office, hotel, condominium, apartment, and industrial properties.
In a secondary line of business, Corus Bank also is the largest provider of
banking services to the check cashing industry in the Chicago area.
Richard Koretz, senior vice president of finance for Corus Bank, commented
about the new outsourcing relationship, "We selected BISYS to provide us with
information processing outsourcing services after an extensive due diligence
process. We are confident that BISYS will provide us with the exceptional
banking solutions that will support all of our business needs. We are looking
forward to a long-term, mutually beneficial relationship with BISYS as our
outsourcing partner."
Randy Curtis, senior vice president of retail banking for Corus Bank,
added, "BISYS' customer care solution was a big part of our decision to select
BISYS. This very powerful tool will enable us to capture and track all
customer interactions enterprise-wide, and push valuable customer information
out to our service staff. BISYS' relationship management solution is further
along in integrating all customer interactions and relationships in one place
than the other alternatives we examined. Corus also believes that the BISYS
solution is well positioned to further automate and streamline the customer
service process. In addition, BISYS has been exceptionally responsive to
Corus, which was an important part of our decision."
According to Bill Neville, president of BISYS Information Services, "It is
extremely rewarding that Corus, a market-leading commercial bank with a strong
history of profitability and efficiency, selected BISYS to provide mission-
critical technology. This bank's comprehensive evaluation and selection of
BISYS further validates our strategy to integrate browser-accessible core
banking applications with an unparalleled suite of ancillary products to
provide enterprise-wide automation. We believe our contemporary outsourcing
platform, which is backed by our exacting conversion methodology and our
fundamental commitment to superior client relationship management, will
proactively meet Corus Bank's unique strategic objectives, will complement its
impressive efficiency ratio, and will enable it to focus on its core
competencies."
About Corus Bankshares, Inc.
Corus Bankshares, Inc., a part of the Nasdaq (CORS) Financial-100 Index,
is a one-bank holding company headquartered in Chicago, Illinois. Corus Bank,
N.A., is an active construction and bridge lender nationwide, specializing in
condominium, hotel, office, and apartment loans. Its outstanding commercial
real estate loans and construction commitments exceed $3 billion. Corus Bank
holds loans of up to $75 million for its own account and also syndicates
larger transactions. Additional information is available at
http://www.corusbank.com.
About BISYS Banking Solutions
BISYS provides one of the most comprehensive information processing
solutions, integrating core banking applications with approximately
70 best-of-breed ancillary products. BISYS' enterprise-wide automation
supports commercial and retail banking, electronic and Internet-based
transactions, branch automation, customer relationship management, data
warehousing, and executive decision-support. BISYS continually enhances the
functionality of its banking solution, which supports approximately 300 banks,
by integrating new ancillary products and advancing technologies. The
American Bankers Association (ABA), through its Corporation for American
Banking (CAB) subsidiary, exclusively endorses BISYS' core information
processing solution as the recommended solution for community banks.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 20,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence through its Financial Research Corporation (FRC)
subsidiary. Through its Insurance and Education Services group, BISYS is the
nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, annuity, long-term care, and disability products. BISYS is also the
nation's third largest independent wholesaler of commercial lines of
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with more than 225
certification and continuing education training courses, and a sophisticated
suite of products and services that automates the entire licensing process.
BISYS' Information Services group provides information processing and imaging
solutions to more than 1,150 financial institutions. This group also supports
more than 120 insurance companies with a suite of asset retention solutions,
and provides complete program management for corporate-sponsored cash
management accounts. Additional information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
http://www.corusbank.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Bill Neville, President, BISYS Information
Services, +1-781-829-8000
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