DUBAI, 25 July 2003 — Reuters on Wednesday announced that it has completed the implementation of leading edge technology products to the Saudi American Bank (SAMBA). Reuters’ Kondor+ combined with Tibco Integration Technologies will offer sophisticated and flexible means of identifying, measuring and managing financial risk in SAMBA’s trading operations and investments.
Reuters systems and Tibco technologies will provide SAMBA with a Straight Through Processing (STP) environment, reducing manual intervention and lowering the cost by eliminating the risk of erroneous transactions. With the introduction of an integrated Risk Management System, transactions will be seamlessly entered to the back office system, thus reducing operational risk. SAMBA is today one of the largest and most profitable banks in the Kingdom. In keeping with its rapid growth and tradition of innovation, SAMBA aims to strengthen its position through full automation of its Treasury systems.
Sim S. Lim, treasurer of SAMBA, said that “Banking is a people business in a service industry — as such we place great importance on the education and training of our staff as the sharper your transactors are, the more able they will be to spot opportunities and offer solutions to our customers. At the same time, your people can only execute if they have strong infrastructure to support them day-to-day. Ultimately, we needed a straight-through processing system to integrate the front office and back end. Reuters’ Kondor+ combined with Tibco Integration Technologies are excellent technology that will allow us to offer our customers product with structured solution, maximizing our transactors’ productivity and minimizing risk.”
Lim is confident that the quick transition to Reuters Kondor+ and its wide range of functions that give up-to-the-second information and analysis will help SAMBA’s treasury professionals make informed decisions whilst managing the financial exposure of the trading room’s activities.
Demetrios Monos, chief technology officer of SAMBA added, “We have a proven, long-standing relationship with Reuters. Their professionalism and the speed with which the team tailored the product to our individual requirements was impressive, as was the implementation process, which consistently met our strict deadlines.”
With more than 450 financial institutions around the world — including 22 banks in the Middle East and North Africa (MENA) region — choosing Kondor+ to help manage their markets’ risks, Reuters’ employs a comprehensive team of experts based in most of Reuters offices in the region to support this risk management system.
Jean-Marc Paufique, managing director for Reuters MENA comments: “Reuters is committed to providing the financial community in MENA with the most advanced information, transaction and risk management systems, designed to put them on a par with their counterparts in the world’s financial capitals”.
