Bank of Cyprus is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this "1bank" concept, enabling the bank to consolidate its core banking systems into one, reducing costs and improving efficiencies. It will also allow the bank to expand more rapidly into new territories in the future. Central to the choice for the bank was Misys Equation's ability to increase control of the systems in place, while reducing the overall cost of maintenance and support of the infrastructure.
Bank of Cyprus has a stated strategy to maintain its leading position in all sectors and continue to expand its business outside Greece, Cyprus, Australia and the UK, developing its international business in Russia, Ukraine and Romania. Misys Equation's proven track record around the globe and particularly in those countries which are target markets for the bank's future expansion was crucial in the agreement.
"One of our strategic priorities is to consolidate our presence in our main markets and widen our global footprint, specifically in Russia, Ukraine and Romania," states Leonidas Isodiou, General Manager, Group Information Technology and Organisation & Methods, Bank of Cyprus. "Misys has clear expertise in helping international banks like us to manage their growth and maintain the high level of service our customers expect. We see Misys as a strategic partner and are excited by the business plans the company has shared with us and the strategy and future roadmap of BankFusion Equation."
