NBAD installs new commercial loan software
24 Jun 2010:
By Neil Ainger, editor of FSTech www.fstech.co.uk
The National Bank of Abu Dhabi (NBAD) is deploying the Misys Loan IQ software on its back office commercial loan operations. The solution is expected to improve loan turnaround times on decisioning and increase efficiency, hopefully cutting costs by as much as 20 per cent via increased consolidation and less manual staff intervention.
The multi-currency and multi-branch capable Misys Loan IQ solution will be installed across NBAD’s commercial lending business, providing back office assistance and decisioning support for bilateral loans and highly structured syndicated deals. The scalable solution can also be specified to assist with the following functions, some of which will be activated by NBAD: origination; loan trading; accounting, portfolio management, treasury, collateral management, and reporting.
NBAD is the United Arab Emirates’ largest bank by market capitalisation. It chose the Misys Loan IQ software as part of a drive to automate its back office commercial systems and because of its established reputation – it is estimated the solution processes over a third of international syndicated loans and more than a half of the world’s loan trades.
“We intend to improve efficiency and the quality of customer service provided to corporates and financial institutions that participate in NBAD’s syndicated lending,” explains Nigel Carrington, NBAD’s divisional manager of operations. “Misys Loan IQ will be a key factor in realising this goal.”
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