In June 2006, The United Bank acquired the United Bank of Egypt, the Nile Bank and Islamic International Bank for investment and development. The Equation core banking system was chosen to help in data conversion and consolidation of the three acquired banks via streamlined operations across retail, Islamic banking products, corporate and investment banking divisions.
Misys Equation will be implemented for its core banking function, while the branch automation module will be deployed to ensure efficiency between branches and give full support to tellers and customer services operations.
Access to the bank via the internet is crucial to the bank’s customers and so part of the deal includes the IFM Internet Banking from Misys. Additionally, Misys Webform will be used for reporting within the solution.
Misys says that implementation of all modules is expected to take nine months, and will be integrated with the legacy A system, enabling easy access to the Swift networks.
Bringing together networks and processes from the three component banks is crucial for The United Bank to maintain and enhance its competitiveness and to leverage the combined strengths which the acquirer has given, commented Roy Froud, general manager Middle East & Africa for Misys Banking Solutions.
