BEA’s decision to further invest in our solutions is compelling evidence that the FinIQ System provides real and tangible benefits to our customers
Hong Kong (PRWEB) July 6, 2010
Following the successful implementation of FinIQ by its Treasury Markets Division to support its second generation structured products business, The Bank of East Asia (“BEA“) has announced that it will extend the use of FinIQ to its private banking business .
The implementation will focus on the distribution of FX options, FX structured products, bond options, equity options, equity-based structured products, and vanilla IRSs. The FinIQ system will also manage the Bank’s client credit and collateral as well as generate comprehensive consolidated statements for its private banking customers.
FinIQ will be fully integrated into the bank’s core banking system and general ledger.
A spokesperson from BEA’s Private Banking Department, says: “BEA continuously strives to enhance the quality of every banking experience. With our new FinIQ system, we will be able to offer a wider range of customised banking solutions to our private banking customers in a timely and efficient manner.”
Mr Milind Kulkarni, Group CEO of FinIQ,says: “BEA’s decision to further invest in our solutions is compelling evidence that the FinIQ System provides real and tangible benefits to our customers. We are pleased to continue working with such a prestigious client.”
FinIQ's principal offering is a best-of-breed option linked structured products solutions. The FinIQ System supports products such as Dual Currency Deposits, Equity Linked Notes, Principal Guaranteed Deposits, Range accruals, Forward accumulators, complex Structured Tranche Notes as well as simple FX spot, Forwards and Options. The FinIQ System is being used by banks world-wide, empowering their relationship managers, improving pricing efficiency and customer service, reducing per-transaction processing costs and growing banks trading volumes.
Incorporated in Hong Kong in 1918, BEA is dedicated to providing comprehensive retail and commercial banking services to its customers in Hong Kong and other major markets around the world. BEA is the largest independent local bank in Hong Kong, with total consolidated assets of HK$434.1 billion (US$56.0 billion) as of 31st December, 2009. The Bank is listed on The Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index.
With over 240 outlets worldwide, BEA operates an extensive international network covering Hong Kong and the rest of Greater China, North America, the United Kingdom, and Southeast Asia. For more information on BEA, please visit any BEA branch or the Bank’s homepage at http://www.hkbea.com.