Commercial Bank of Kuwait picks TCS treasury solution
Commercial Bank of Kuwait (CBK), one of Kuwait’s largest and oldest financial institutions, has selected a treasury solution developed by Indian firm Tata Consultancy Services (TCS).
CBK will use TCS BaNCS for Treasury to update its treasury operations. TCS says the solution will allow the bank to “offer new generation asset classes, enhance risk management and ensure regulatory compliance” as well as “drive future growth”.
Founded in 1960, CBK is the second oldest bank in Kuwait.
Hussain Al Aryan, general manager, treasury and investment division at CBK, says: “We selected TCS BaNCS for its breadth and depth of functionality and successful track record of treasury programs deployed at leading financial institutions in the region.
“With TCS BaNCS, we look forward to transforming our treasury operations, making our bank future ready, enhancing customer experience, easing regulatory compliance and bringing in exotic asset classes to our product mix.”
TCS says BaNCS for Treasury will help CBK offer a wider range of cash and derivative treasury products and integrate trading and messaging platforms, as well as allow customers to manage cash and positions in real time.
Venkateshwaran Srinivasan, global head at TCS Financial Solutions, says the deal “further underscores our strong commitment to the Middle East market”.