MIT (Micro Informatique & Technologies SA) announces that NBAD Private Bank (Suisse) SA, the wholly owned private banking subsidiary of the National Bank of Abu Dhabi (NBAD), has chosen TRAC (Trade Risk Active Control) to support its Commodity Finance team in Geneva. TRAC is MIT’s latest Collateral Management system supporting Commodity Finance and Structured Trade Finance.
Simon Durrance, Chief Operating Officer at NBAD Private Bank (Suisse) SA, said: “We’ve been working now for 4 years with MIT on the back-end part of our Trade Finance business, and we are satisfied with our partnership with them. So it made sense to adopt MIT’s middle/front system knowing our ambition to develop Commodity Finance.”
NBAD Private Bank (Suisse) SA is already our third Customer for TRAC; the system is showing good response from the market ever since its official launch two years ago, says Paul Cohen Dumani, MIT’s General Manager, adding that "NBAD Private Bank (Suisse) SA will reap the benefit of having TRAC working as an integrated solution with CREDOC, our Trade Finance back-end product already in production at the Bank".
"2012 has been a good year so far for MIT despite a troublesome economic climate", concludes Cohen Dumani, pointing out that CREDOC has also been selected by two other Banks in recent months.
Based in the heart of Geneva, NBAD Private Bank (Suisse) SA is a fully independent and wholly owned subsidiary of the National Bank of Abu Dhabi Group (NBAD Group), reflecting Swiss private banking at its best, with an in-depth understanding of Arabian culture. Separate from private banking, the NBAD Group offers trade finance services through Geneva which acts as a trade gateway between European and MENA companies.
About MIT (www.mitsa.ch)
MIT (Micro Informatique & Technologies SA) is an independent Swiss company specialized in the development of Trade Finance software solutions for Bankers, such as the famous CREDOC installed in Prestigious Banks in Switzerland, the European market, and the Middle East. CREDOC is available on several platforms, and can be integrated in every type of organization.
MIT launched its new application TRAC (Trade Risk Active Control) in 2010. TRAC is a Risk and Collateral Management application destined for Trade Commodity Finance or Structured Trade Finance Relationship Managers, Credit Risk Managers, and Top Managers who want to track and monitor their risks appropriately. The purpose of the software is to replace the Excel worksheet widely used in the Trade Commodity Finance sector. The product is already live at Natixis and Banque Cantonale de Genève (BCGE).
For more information, please contact:
Micro Informatique & Technologies SA
rue de l'industrie, 58
CH-1030 Bussigny près Lausanne