Three international branches of Covered Bond Bank (CBB) – New York, Singapore, Shanghai – have completed a transition to the Avaloq Banking Suite.
Luxembourg-based CBB is a wholly-owned subsidiary of Nord/LB, and has an established decade-long relationship with Avaloq.
This fresh implementation uses Avaloq’s multi-entity, single-instance tools to centralise the banks’ IT operations in Luxembourg. All three of the international branches will be run on one outsourced platform.
The implementation was completed by Avaloq’s long-time partner Orbium, which also offers onsite consultancy support.
“Our latest project showcases the advanced technical capabilities of Avaloq and the compelling benefits that consolidating complex, cross-border systems onto one platform can bring,” says Paco Hauser, global head of markets at Avaloq.
“In this case, our centralised platform operated in Luxembourg. This project, the outcome of the close cooperation between Avaloq, Orbium and the project team at [the bank], strengthens Luxembourg as a central operating centre but also extends Avaloq’s footprint into new target jurisdictions.”
Avaloq extended another 10-year partnership last year, signing a deal with DBS Wealth Management. DBS has been a user of the Avaloq Banking Suite since 2009 and was among the vendor’s first customers in the Asia-Pacific region.
Read more: Avaloq lays groundwork for 2020 sale