Dubai (PRWEB) November 23, 2011
Easa Saleh Al Gurg Group, a diversified family group based in the United Arab Emirates, has gone live with SunGard’s AvantGard to help it improve its treasury and cash management operations. Using AvantGard Treasury, Al Gurg Group has centralized its treasury and cash management activity at the group level, has created an in-house bank, and is working to establish a payments factory and centralization of trade finance processes.
AvantGard Treasury has replaced manual processes within Easa Saleh Al Gurg Group’s treasury operations. One of the key reasons the group selected AvantGard was to help it develop an in-house bank. Easa Saleh Al Gurg Group owns 23 group companies that have each been maintaining their own bank accounts and relationships. Centralizing this function at the group level helps the company obtain greater visibility and control over treasury and cash management, in addition to helping reduce operational costs and optimize processes.
“We chose AvantGard Treasury based on SunGard’s strong reputation in the Middle East for delivering proven solutions with a local team for implementation. We can already see how AvantGard is helping us automate more of our processes, introduce greater efficiency into treasury management and reduce costs through the centralization of bank accounts and bank dealings,” said Abdulla Al Gurg, group general manager, Easa Saleh Al Gurg Group.
“SunGard’s AvantGard is covering Al Gurg Group’s treasury and cash management requirements by providing an automated and centralized environment. Many organizations in the region are taking notice of the benefits and cost savings that treasury technology can help bring, while assisting them to adhere to and establish controls for complying with regional and international business standards. This project further demonstrates SunGard’s success and commitment to this region across our various solutions within the financial industry,” said Wissam Khoury, managing director, SunGard Financial Systems, Middle East.
About Easa Saleh Al Gurg Group
The Easa Saleh Al Gurg Group was established by its current Chairman, Sir Easa Saleh Al Gurg CBE, in 1960. Over the past 51 years the Group has witnessed steady growth and is among the top 5 ranked Emirati-owned conglomerates in the U.A.E.
The Group consists of 23 group companies including 4 Joint Ventures, which together represent more than 300 international brands throughout U.A.E., Oman and Qatar.
Some of the Group’s represented brands include: Unilever, Siemens, Steelcase, Electrolux, 3M, AkzoNobel, Osram, Fisher & Paykel, Dunlop, SieMatic, Grundig, United Colors or Benetton, Fosroc, Viking Johnson, Smeg, British American Tobacco, Catnic, IDdesign, Danfloss, Broyhill, Armitage Shanks, Interface Flor.
Apart from the represented brands the Group also comprises of several 100% owned manufacturing facilities, including a Steel Foundry, Paints Factory and a Furniture Joinery.
The company is supported by very strong liquidity and is independent of external financing. Because of this the Group has a consistently solid capital base and solvency position.
About SunGard’s AvantGard
SunGard’s AvantGard is a leading liquidity and risk management solution for corporations, insurance companies and the public sector. The AvantGard solution suite includes credit risk modeling, collections management, treasury risk analysis, cash management, payments system integration, and payments execution delivered directly to corporations or via banking partners. AvantGard solutions help consolidate data from multiple in-house systems, drive workflow and provide connectivity to a broad range of trading partners including banks, SWIFT, credit data providers, FX platforms, money markets, and market data. The technology is supported by a full range of services delivered by domain experts including managed cloud services, treasury operations management, SWIFT administration, managed bank connectivity, bank on-boarding, and vendor enrollment. For more information, visit http://www.sungard.com/avantgard.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves over 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, visit http://www.sungard.com.
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