BayernLB Selects Summit to Consoliate Global Systems
Summit Systems has been selected by Germany’s BayernLB to provide a global system that will handle all instruments from trade entry through to settlement. BayernLB will replace over 16 existing systems used in various areas and locations of the Bank. Summit will enable BayernLB to centralise its operation in one global hub in Munich, with several hundred users accessing both directly and through Citrix from London, Hong Kong, Luxembourg, New York and Paris. The driving force behind the system rationalisation project was BayernLB’s wish to adjust its business model in preparation for the bank’s new rating environment. “We are concentrating on the three crucial parameters – stabilising income, reducing capital commitment, and further cutting back on administrative expenses – in order to achieve our planned long-term rating of at least A+,” commentedf Dieter Burgmer, Member of the Board of BayernLB.