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Amrahbank selects Temenos T24 Model Bank

13 May 2009 10:45 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Temenos, the global provider of integrated core banking systems, today announced that Amrahbank Joint Stock Company (â€˜Amrahbankâ€™), one of the fastest growing banks in Azerbaijan with 28 branches and offices and 300 staff serving 18,000 customers, has selected Temenos T24 (T24) Model Bank to improve the level of service that it offers to its retail and corporate clients as well as back office processes.

As a fast growing organisation with plans to expand its branch network across all the major regions of Azerbaijan, Amrahbank required a modern core banking system with a broad range of functionality to support its growth plans, improve customer services and increase operational efficiency.

Amrahbank said it wanted a proven solution that could fully integrate its branch network and the various divisions within the bank on a single system, to replace its existing legacy system that had become slow and inflexible with limited functionality and reporting capabilities. Following a rigorous selection process the bank opted for T24 Model Bank to fully leverage its integrated CRM and business intelligence capabilities to deliver an enhanced customer experience.

â€œOne of the pre-requisites of our selection process was to find a modern core banking system to provide up-to-date, high quality information and services to our customers, as well as improved functionality, processing and security in the back and middle office. We also wanted the ability to offer new products and services to our customers and will be using T24 to launch a new internet banking service. Temenosâ€™ global reputation and presence in our local market made it an obvious choice for us,â€ said Mr. Emil Mammadov, CEO, Amrahbank.

As a second phase to the project the bank plans to implement T24â€™s Islamic Banking module to support its fully fledged conversion into a Shariâ€™ah compliant bank once the necessary local legislative basis has been established. This will allow Amrahbank to benefit from the untapped Islamic banking market in Azerbaijan and neighbouring countries in the future, as well as increased cooperation between Azerbaijan and countries of the Middle East.

Amrahbank is one of the oldest (est. 1993) and leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions and investment advisory services. Amrahbank is one of the most profitable banks of Azerbaijan (featuring in the top 3 banks by Return on Equity - 31 Dec 2008), has one of the largest branch networks (across Baku and different regions of Azerbaijan) and equity base. The Bank is a member of various professional organisations such as the Deposit Insurance Fund, Mortgage Fund, National Entrepreneurship Fund and Azerbaijan Banks Association. A recent strategic partnership with the International Investment Bank based in Bahrain (through a 49% shareholding), has played a key role in further developing many areas of Amrahbank including corporate governance, international cooperation and product and services quality.

Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 44 offices worldwide, Temenos serves over 600 customers in more than 120 countries. Temenosâ€™ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenosâ€™ experience in over 600 implementations around the globe.

T24 Model Bank is packaged core banking software which includes banking best practices based on Temenosâ€™ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors.