Swiss private bank EFG International has completed the migration of all BSI Bank systems onto its IT platforms, powered by the Temenos T24 core banking system.

EFG, which has been a Temenos client since 1993, completed its billion-dollar acquisition of BSI Bank in November 2016. BSI’s activities have been integrated into EFG, market by market, in Singapore, Hong Kong, Bahamas, Switzerland and Luxembourg.

Prior to the merger, BSI has been the oldest bank in the Swiss canton of Ticino. Originally founded as Banca della Svizzera Italiana, BSI was an institution that specialised in asset management for private and institutional clients.

Related: PR Savings Bank selects Temenos for core banking

The migration was competed before the end of 2017, according to EFG CTO Mark Bagnalli. He puts the successful transition down to “effective collaboration and team spirit, with Temenos playing an integral role as a highly experienced and trusted partner”.

Jean-Michel Hilsenkopf, chief revenue officer at Temenos, added: “EFG International has been a long-standing Temenos customer and we are delighted that our technology can support the bank throughout its exponential growth.”

The project, he said, was highly complex, and included nine different IT migrations across the world. “With the completion of this project, EFG International now has a fully aligned and centralized platform that will scale alongside the bank. We are pleased with the progress of the project and excited to support EFG International’s growth strategy, as it continues to expand and become one of the largest private banks in Switzerland.”

See more: Temenos wins Tier 1 deal in the US

One of Temenos’ largest-ever deals, with Scandinavian giant Nordea, was said to be still going strong, despite the bank posting a 43% drop in profits.

The bank is looking to automate its largely manual processing protocols (which at the time of the deal required input from 5,000 staff) and replace ageing systems such as Misys (now Finastra)’s Midas and Tieto’s Core Banking Suite.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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