Aegean Baltic Bank of Greece selects Wolters Kluwer’s OneSumX
Aegean Baltic Bank of Greece (ABB) has selected Wolters Kluwer’s OneSumX for Regulatory Reporting and OneSumX for Risk Management to meet its Basel IV and Capital Requirements Directive (CRD V) obligations.
ABB provides corporate and investment banking products and services to shipping companies in Greece. The company is primarily involved in contracting and the administration of syndicated loans granted to shipping corporations.
The Greek bank will also implement a number of risk management modules from the vendor, including OneSumX for Asset & Liability Management.
Konstantinos Hadjipanayotis, chairman of the board and deputy CEO at the bank, says that Wolters Kluwer had the “extensive functional coverage and scalability” that ABB required.
“Basel IV and CRD V will present huge challenges for all banks and so we are happy to be assisting ABB with its all-important regulatory compliance,” said Kris Van Bavel, managing director of Wolters Kluwer’s finance, risk and reporting business in EMEA.
“Regulatory reporting and risk mitigation are key considerations for all banks now more than ever.”
Basel IV is the term referring to changes agreed in 2016 and 2017 to the Basel Accords international banking standards.
It introduces changes that limit the reduction in capital that can result from banks’ use of internal models. The reforms will take effect from January 2022.
According to KPMG data, banks in the UK alone may have had to raise £50 billion in capital to meet the requirements.