The National Bank of Abu Dhabi (NBAD) has gone live with Megara - Vermeg’s independently industry accredited custody system.
Implementation of Megara was in two phases and started in November 2010; firstly with the local custody operation, followed by international custody. Complete live status was achieved in July 2011. Megara’s modular design was instrumental in enabling a risk reduced implementation that spanned many business areas, covering various settlement operations, and including the installation of the MegaCor module, a corporate actions system long recognized in the industry as a leading solution. Other key modules implemented focused on improved client servicing, enhanced client billing and internal and external reporting.
NBAD specified that it was important that Vermeg should provide the best possible technical and functional environment to meet the highest global standards. Local and international clients of NBAD can expect increased service levels through a highly automated operational processing environment. The completion of this project reinforces the strength of NBAD in the region and will enable the bank to become the regional hub for international business for securities processing and custody operations, a primary objective for NBAD.
Boujemaa Khaldi, sales director from Vermeg said “This has been a model project for Megara and underlines the Vermeg culture of understanding and working with our clients to achieve the best possible outcome. NBAD are recognized as the top bank in the region and have been awarded a staggering number of accolades by the industry, so for them to choose Vermeg as their preferred supplier of custody system is a wonderful endorsement. We look forward to a long and mutually rewarding relationship with NBAD and welcome them to the Vermeg family of valued customers”
"The implementation of Megara is viewed as a major milestone in our journey to be the leading regional Custody service provider," says Hany Samir, the head of custody and co-head of securities & funds administration at NBAD. "Through availing the best in class integrated solutions that meets the increasing demands of investors investing in the United Arab Emirates Securities markets, Regional and International markets. Being a highly customizable solution with an industry awarded corporate actions module & a state of the art reporting engine, Megara avails high level of flexibility that allows us to excel in meeting the needs of our diversified client base, in a fully automated environment".
"With the on-going developments to expand the geographical reach and increase the depth of NBAD Custody product offering, we are looking forward to further cementing our relationship withVermeg, through replicating the successful implementation of Megara in other projects," Samir added.
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