This contract represents a key element in the plans and substantial financial investment that Menatep St Petersburg is making, to capitalise on the ‘retail banking renaissance’ in Russia.
Their decision is an endorsement of TEMENOS’ recently launched, revolutionary banking system
– TEMENOS T24. It is also the most significant Banking Systems contract to have been awarded to a western vendor this year within the CIS and Baltic States region, greatly strengthening the supplier’s presence in this rapidly emerging market.
Menatep St Petersburg selected TEMENOS T24, from a short list, which included several international and domestic vendors, to replace its legacy systems and to support its domestic retail activities. "This is an important contract for TEMENOS in the region, with a total contract value in excess of US$13 million. I am pleased to announce such a win at this early stage of the quarter, which brings us closer to meeting our 4th quarter target signings, said Andreas
Andreades, CEO".
Menatep St Petersburg is one of the leading Russian retail banks, with more than 300,000 accounts, handled through a network of 60 branches. The Bank has aggressive plans to capitalise on the obvious retail opportunities in the region to grow their share of the market to some five million accounts over the coming 3 years, through a strategy of expansion, merger and acquisition across the CIS.
‘Menatep St Petersburg’s high growth, high volume scenario is just the kind of business TEMENOS T24 was designed to support,’ says Andrew Ruffell, TEMENOS’ General Director - Russian Federation, CIS & Baltic States. ‘The bank will implement TEMENOS T24 on the Oracle XML database architecture running on HP hardware to create a platform from which to deliver efficient and highly resilient, real-time performance 24 x 7. This implementation will provide
Menatep St Petersburg with a truly state of the art banking system to support the demands of both their current and future business strategies.’
Ilya Yurov, Menatep St Petersburg Chairman of the Board of Directors states that 'We intend to lead the way that Retail Banking is done in Russia by implementing systems and technologies that allow us to innovate and grow dynamically. By employing state of the art technology, we will continue to deliver exciting new products and services to our clients together with economies through increased efficiency and the added comfort that comes from having the ability to demonstrate our use of "best practice", transparency and accountability.'
