Manama, Kingdom of Bahrain (6 December 2017): BMB announced that in continuation to its drive to successfully transform its business reach to a larger network of clients and corporates, has mandated Advanced Financial Solutions for the implementation of Wolters Kluwer’s OneSumX solution. BMB will use the solution for core banking, accounting, and compliance.
Gaurav Baid, Chief Financial Officer, BMB, commented on the strategic role of technology in this transformation program, “In our drive to enhance client reach with ease of operation to the anticipated volume, the Bank under the stewardship of the new strategic stakeholders has embarked on an encompassing exercise to transform its core banking and reporting system. The enhanced Wolters Kluwer OneSumX solution system will facilitate ease of regulatory compliance and reporting to all constituents of our business.” The Bank will thus serve with a core group of functionaries aided with enhanced technology that will boost its growth.
Juan Jarjour, Managing Director of Advanced Financial Solutions, said, “We are delighted to partner with BMB on an integrated general ledger, financial & compliance reporting system transformation. The OneSumX platform selected by BMB is a powerful solution geared to handle BMB requirements for automation and is a solid platform to support the Bank’s growth.”
BMB is a Wholesale Bank, established in 1982. It is one of the foremost Wholesale Banks to be set-up in the Kingdom of Bahrain and offers services in areas of:
- Portfolio and Asset Management
- Treasury and Capital Markets
- Trade Finance
- Private Equity Fund Investments
- Financial Advisory and Structured Products
- Corporate Finance
BMB’s operations are backed by a network of relationships amongst Top Tier Global Financial Institutions, Asset Managers, Trade Finance Specialists and Investment Banks in the MENA region. For more information, visit us at www.bmb.com.bh.
About Advanced Financial Solutions
Advanced Financial Solutions specializes in risk management, financial consulting & software solutions and is a business unit of Midis Group, one of the largest technology companies in the Middle East.
Advanced Financial Solutions has a specialized team of consultants with deep domain expertise in:
- ALM, Market & Liquidity Risk
- Basel III Capital Calculation & BRSA Reporting
- Credit Risk Rating & Retail Scoring
- PD / LGD / EAD Modeling for Basel & IFRS9
- IFRS & Financial Reporting
- Operational Risk