Aktia Savings Bank Selects SunGard's BancWare for Interest Rate Risk Management and Planning.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 25, 2003 SunGard Trading and Risk Systems, an operating group of SunGard (NYSE NYSE See: New York Stock Exchange :SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), today announced that Aktia Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. plc, a Finnish bilingual savings bank with 3.4 billion Euro in assets, has selected BancWare for financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and asset liability management, including BancWare's advanced analytics module for option-adjusted VaR. Aktia selected BancWare because it required a solution that would effectively enable it to manage the interest rate risk exposure on its balance sheet. In selecting BancWare, Aktia sought to improve its ability to accurately hedge against loss of net interest income due to interest rate exposure. The bank recognized that BancWare could help it better manage interest rate risk using the advanced stochastics in BancWare's OAV OAV Original Animation Video OAV Organic Aerial Vehicle OAV Original Animated Video module (Options Adjusted Value at Risk). Jukka Sarkanen, chief financial officer at Aktia, said, "BancWare will help us hedge against risk and meet the IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. 32 and IAS39 requirements, as well as help to reduce volatility in earnings. BancWare has a prestigious group of clients in Scandinavia, and the advantage of local support combined with SunGard's global experience was a key factor in our decision." Terence Faherty, president, BancWare, SunGard Trading and Risk Systems, said, "We are delighted to be working with Aktia to help it manage interest rate risk. This deal represents BancWare's growing presence in this region, where more than 60 financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies currently rely on SunGard solutions." About Aktia Aktia Savings Bank plc was created out of the merger between the Savings Bank of Helsinki and a number of coastal savings banks between 1991 and 1992. The Savings Bank of Helsinki was founded in 1826 and is Finland's oldest deposit-taking bank. Aktia was formed into a limited liability company in 1993 and now has 64 branches and 2 service outlets. In conjunction with its extensive network of allied savings banks and local co-operative banks The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its , Aktia can operate through more than 390 branches. Aktia is primarily a local retail bank but it also has a corporate banking unit that mainly finances small and medium-sized companies based on the areas where the bank operates. Aktia operates as an authorized securities broker and has a comprehensive network of global correspondent banks Correspondent bank Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. . It is approved by the Bank of Finland The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the central bank of Finland. It is the fourth oldest central bank in the world[1]. as a money market counterparty and is party to the Bank of Finland's liquidity and checking account facilities. Aktia functions as the central financial institution for the savings banks and local co-operative banks in Finland. The Aktia Group also includes Aktia Fund Management Ltd, Aktia Asset Management Oy Ab, and Aktia Real Estate Mortgage Bank plc. It is owned by Finnish savings bank foundations, ForeningsSparbanken Swedbank, Finnish institutions, Finnish savings banks and private individuals. About SunGard Trading and Risk Systems SunGard Trading and Risk Systems provides integrated, enterprise-wide solutions for financial and energy trading, risk management and operations, as well as asset liability management and financial planning and forecasting. Serving over 600 clients, it offers Web-enabled solutions for achieving straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. , and for managing market, credit and operational risk. Clients include financial institutions, energy companies, government agencies and corporations of every size, geographical reach and operational complexity. SunGard Trading and Risk Systems also offers systems integration, project management and consulting services. About SunGard SunGard is a global leader in integrated IT solutions for financial services. SunGard is also the pioneer and leading provider of information availability services. SunGard serves more than 20,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenues of $2 billion. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo and BancWare are trademarks or registered trademarks of SunGard Data Systems Inc. in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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