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BAWAG PSK selects COLLINE for strategic global collateral management
BAWAG P.S.K., one of the largest banking groups in Austria, selects Lombard Risk’s COLLINEfor global collateral management
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LONDON, UK – 24th April 2012: Lombard Risk Management plc (LSE: LRM) (“Lombard Risk”), a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry, announces that BAWAG P.S.K. has selected COLLINE as its strategic global collateral management solution.
BAWAG P.S.K. is one of the largest banking groups and one of the leading retail banks in Austria. Headquartered in Vienna, BAWAG P.S.K. will be using COLLINE to manage the growth it is experiencing in its collateralised trading and will meet emerging regulatory demands.
COLLINE is a state-of-the-art, web-based collateral management and clearing solution designed by experienced business practioners for end-to-end, cross-product (OTC derivatives, Repos and Securities Lending) collateral management. It provides a consolidated solution for mitigating credit risk while satisfying the growing demand for multiple global entities, cross-product margining, Central Counterparty Clearing (CCP), optimisation, master netting, MIS reporting and electronic messaging.
Wolfgang Hanzl, Head of Operations at BAWAG P.S.K., commented:
“Automating the management of our collateralised business will enable us to use collateral most efficiently and provide our clients with an accurate and reliable service. Plus, BAWAG P.S.K. will benefit from better risk management and enhanced regulatory compliance”
BAWAG P.S.K. undertook a detailed selection process before choosing COLLINE – decisive factors included strong local references and a proven, swift time-to-market. COLLINE clients can be up-and-running as quickly as 3-6 months and seeing a return on investment within the first 12 months. BAWAG P.S.K. is planning for implementation in the head office in Vienna to be live by September 2012.
Martin Heraghty, Sales Director EMEA, Lombard Risk commented: “Lombard Risk is very pleased to welcome BAWAG P.S.K. to its continually expanding customer base. This is now our third COLLINE implementation in Vienna, and part of an even larger client base across the German-speaking region, where we see more future growth in the coming years. COLLINE is now the collateral management system of choice for industry professionals globally.
About BAWAG P.S.K. – http://www.bawagpsk.com/
With total assets of €41.1bn the BAWAG P.S.K. Group is one of the largest banking groups in Austria and one of the leading retail banks for the middle-income market.
Its mission is to be a cutting-edge universal financial service provider with profound market expertise, comprehensive individual customer service and innovative products. With more than 330 BAWAG branch offices and more than 1,300 post offices, the BAWAG P.S.K. Group operates the largest centrally managed financial distribution network in Austria. It is also the leading provider of payments services in Austria.