Glitnir Bank is adopting EDB's ELS lending platform to improve the performance and accountability of its transactions.
The implementation is part of a programme to build a growth platform for the bank's internal IT systems following a period of mergers and acquisitions in the Nordic region.
Glitnir aims to implement ELS in Iceland and its UK subsidiary by the end of March this year before rolling the system out to its offices in other countries.
Initially, ELS will replace Glitnir's internal back-office systems for managing syndicated and bilateral loans, enabling the bank to gear up for future growth and expand into new geographical markets. The system will also support Glitnir's participation in larger, more complex syndicated lending deals.
"In light of regulatory requirements such as Basel II, it is vital to implement effective business controls to achieve compliance," said Páll Kolka Ísberg, managing director for shared support office at Glitnir.
"EDB's corporate lending solution will allow us to capture data in a more efficient manner.
"In addition, we can provide our customers with enhanced levels of accountability, traceability and user-friendliness, which is in line with our overall growth plans."
Banking platform rollouts: