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IFIC Bank accelerates growth plans and mitigates risk with Misys BankFusion

IFIC Board Executive Committee Chairman and CEO attend signing ceremony for Misys BankFusion in London

IFIC Board Executive Committee Chairman and CEO attend signing ceremony for Misys BankFusion in London

October 01, 2013: International Finance Investment and Commerce Bank Limited (IFIC), the fastest growing bank of the country, has selected Misys BankFusion as its core banking platform, to help the bank respond rapidly to changes in the market and to accelerate the bank’s already impressive recent growth.

The signing ceremony took place at Misys headquarters in London on 25 September 2013, attended by Mr. Mohammad Lutfar Rahman, Chairman, Executive Committee of the Board & Honourable Director of the Board, and Mr. Mohammad Shah Alam Sarwar, Managing Director and CEO of IFIC, Mr. Frank Brienz, President and Chief Sales Officer (CSO) and Ms. Erin Smith, VP of Banking at Misys.

Founded in 1983, IFIC is the fastest growing bank in the People’s Republic of Bangladesh – the bank registered a growth of 26 per cent in deposits in 2012, to 92,433 million Taka. IFIC comprises 108 branches, its regional presence is rapidly expanding and today includes branches in Bangladesh, Pakistan and Nepal.

The bank has run its mission-critical core banking on Misys Equation since 2005 and in a competitive tender, selected Misys BankFusion as its future technology platform. IFIC has signed for BankFusion Equation core banking system and BankFusion Teller, to accelerate the bank’s branch network expansion and profitability. With BankFusion, the bank will be able to de-risk its business operations and further grow its corporate and retail banking operations.

IFIC will benefit from BankFusion Workbench, an integral part of the solution, which will allow the bank to model and build its own modules and composite applications independently, by business users. This will accelerate IFIC’s ability to bring new products to market, enabling the bank to react more quickly to market trends and customer needs.

Mr. Mohammad Shah Alam Sarwar, Managing Director and CEO of IFIC said: “IFIC’s growth strategy is based on the foundation of ensuring an excellent customer experience by providing quality and timely services. The state of the art technology in Misys BankFusion will allow us to launch new innovative products and services quickly and effectively to the market, keeping us at the forefront of retail banking. Misys BankFusion is the most technologically advanced and flexible core banking system available today and we are confident that it will support and accelerate IFIC’s growth.???

IFIC Group recently acquired Nepal Bangladesh Bank – a Nepali commercial bank – and plans to modernise its core banking infrastructure with Misys BankFusion. IFIC is among 70 banks who have adopted Misys BankFusion.

Commenting on this project, Erin Smith, VP of Banking at Misys said: “We are committed to providing cutting-edge solutions that deliver real business value to our customers. As financial markets are becoming more competitive, financial institutions need tobring new solutions to the market at a faster pace to outperform competitors. In selecting Misys BankFusion, IFIC is embracing technology to create a platform for future growth and improve the efficiency of its operations. We are delighted to be working with this visionary leader.???

“As our business grows and our world class solutions are chosen by similar renowned financial institutions, Misys is well positioned to maintain its leading position in the South Asian financial services sector??? Erin Smith added.


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