First New Customer in India for Misys Treasury & Capital Markets Since
Opening Sales Office
MUMBAI, India and LONDON, March 20 /PRNewswire-FirstCall/ -- Misys
Treasury & Capital Markets announces today that HDFC Bank, recently named
as the "Best Bank" in India*, has selected its award-winning solution,
Misys Summit FT, to process interest rate derivatives. Misys Summit FT was
chosen because of the clear return on investment to HDFC Bank and its
excellent reputation as well as Misys' experience of over 17 years
delivering solutions to the interest rate derivatives market.
Misys has built a strong development and product support office in
Bangalore for its solution offerings in the banking and treasury and
capital markets sectors, and has grown its team to over 1,000 people since
setting up there in 1998. HDFC Bank was founded in 1995, backed by Housing
Development Finance Corporation, and was one of the first new generation of
commercial banks in India. Its mission is to be a world-class Indian Bank,
expanding its business according to customer demand and continue to
innovate in all parts of its business, especially the treasury operations
segment. HDFC Bank is the first Indian financial institution to select
Misys Summit FT since the company opened the Indian sales office in Mumbai
recently.
The bank's strategy is to be an innovator in the interest rate
derivative market and become the de facto standard in India for interest
rate products. To achieve its objectives, it needed a sophisticated
solution to work across the whole bank, from front office through to the
back, enabling it to bring products to market faster and increase margins.
The first phase will see Misys Summit FT implemented for interest rate and
currency derivatives processing, covering a wide range of vanilla and
exotic instruments.
"We have grown significantly since starting operations a decade ago,"
says Mr Sudhir Joshi, Treasurer, HDFC Bank. "We aim to maintain that growth
and ensure we remain an innovator in the Indian and global markets. We
chose Misys Summit for its strong front-to-back real-time features, from
deal capture, pricing, analytics and hedging through to risk management and
STP and we believe that it will have an immediate positive impact in our
day-to-day operations. It will also ensure we achieve our goal not just in
interest rate and currency derivatives, but in other areas of the treasury
and capital markets business in the future."
Prabhakar Saxena, General Manager - Sales and Distribution India, Misys
Treasury & Capital Markets, adds, "We already have many of India's major
financial institutions as Misys customers in the retail and corporate
banking market,. To complement this, we have also recently established a
sales team specialising in the treasury and capital markets in India. This
is enabling us to satisfy the increasing demand from Indian banks for
product innovation in this buoyant market sector and to operate on a more
global basis. We look forward to working with HDFC Bank and enabling it to
keep ahead of the market in India. As our business grows and our
sophisticated solutions are chosen by similar forward-thinking
institutions, Misys is well positioned to become the leading banking
solution provider in the Indian market."
* Amongst others, "Best Bank in India in 2006" (Euromoney) and "Best
Listed Bank in India" (Businessworld)
For further information please contact
Prafull Sawant Raam Kumar
Prana Public Relations Prana Public Relations
Cell: +91-98925-65480 Cell: +91-98201-77907
E-mail: prafull.sawant@pranapr.com E-mail: ram@pranapr.com
Edward Taylor
Global Head of Public Relations
Misys Banking Systems
+44-(0)-777-55-66-561
E-mail: edward.taylor@misys.com
About HDFC Bank Ltd
Promoted in 1995 by Housing Development Finance Corporation (HDFC),
India's leading housing finance company, HDFC Bank is one of India's
premier banks providing a wide range of financial products and services to
its 9.6 million customers across hundred of Indian cities using multiple
distribution channels including a pan-India network of branches, ATMs,
phone banking, net banking and mobile banking. Within a relatively short
span of time, the bank has emerged as a leading player in retail banking,
wholesale banking, and treasury operations, its three principal business
segments.
The bank's competitive strength clearly lies in the use of technology
and the ability to deliver world-class service with rapid response time.
Over the last 10 years, the bank has successfully gained market share in
its target customer franchises while maintaining healthy profitability and
asset quality.
As of December 31, 2006, the Bank has a network of over 583 branches
and over 1,471 ATMs in 263 towns/cities.
For the quarter ended Dec 31, 2006, the bank reported a net profit of
INR 2.96 billion (Rs295.6 crore), 31.7% higher over the corresponding
quarter of previous year. Total deposits were at INR 667.49 billion
(Rs.66749 crore), over 0% higher. Total balance size too grew by 32.5% to
INR 896.08 billion (Rs.89, 608crore).
Leading Indian and international publications have recognized the bank
for its performance and quality. For further information, visit
http://www.hdfcbank.com
About Misys plc
Misys plc (FTSE: MSY.L), the global software and solutions company, is
one of the world's largest and longest-established providers of
industry-specific software. Founded in 1979, Misys serves the international
banking and healthcare industries, combining technological expertise with
in-depth understanding of customers' markets and operational needs. In
banking Misys is a market leader, with specialisms in both the treasury and
capital markets and core banking areas, having over 1,200 customers,
including all of the world's top 50 banks. In healthcare Misys is also a
market leader, serving more than 110,000 physicians in 18,000 practice
locations, 1,200 hospitals and 600 home care providers.. Misys employs
around 6,000 people who serve customers in more than 120 countries. For
more information, visit http://www.misys.com
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SOURCE Misys Banking Systems
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CONTACT:
For further information please contact:
Prafull Sawant, Prana Public Relations, Cell: +91-98925-65480,
E-mail: prafull.sawant@pranapr.com, Raam Kumar, Prana Public
Relations, Cell: +91-98201-77907, E-mail: ram@pranapr.com, Edward
Taylor, Global Head of Public Relations, Misys Banking Systems,
+44-(0)-777-55-66-561, E-mail: edward.taylor@misys.com
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