ReNaissance Merchant Bank, which has its headquarters in Harare, has licensed Misys International Banking Systems` Equation solution to support its recently-established banking operations. The contract for Equation, which was signed in October 2001, includes applications to handle the bank`s Foreign Exchange, Money Market and Commercial Lending transactions.
ReNaissance Merchant Bank, which was granted a banking licence in October 2001, evolved out of ReNaissance Advisory Services, an organisation established in November 1999 to provide business organisations with specialised professional advice. In addition to offering guidance on structured and project finance, ReNaissance Advisory Services also provides advice on IPOs, rights issues, balance sheet and debt restructuring. These services will now be available through the bank, which focuses primarily on merchant banking, with emphasis on the provision of investment and advisory services.
Walter Kambwanji, Finance Director of ReNaissance Merchant Bank, explains, "In order to give our clients quality service as a bank, we will need to have the appropriate systems in place to support our business. For this reason, in June 2001, we undertook a survey of the packages available, and spent three months on more detailed systems evaluations."
"We opted for Misys` Equation solution for a variety of reasons," he continues. "Equation`s wide-ranging functionality will provide support for all the bank`s business requirements within a single integrated solution. It is also tried and tested, and can be implemented within a very short timeframe. Equation is also proven to be a stable and reliable product and it is our conviction that the system will support our business going forward."
Equation will be installed at the bank`s Head office in Harare and is planned to go live by the end of January 2002. Once Equation is fully operational, the bank is looking to integrate the system with the SWIFT network and the Reuters deal execution system. The introduction of Equation`s Credit Risk Management solution, plus a deal capture and position-keeping system are also options that are being considered for the future.
Walter Kambwanji concludes by saying, "We believe Equation will provide us with a business advantage in what is becoming a very competitive marketplace. We also expect that by implementing a real-time, on-line system, we will be able to improve customer service levels and simultaneously reduce our operating costs."
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