London and New York, January 11, 2017 - Quantifi, a specialist provider of risk, analytics and trading solutions, today announced it has been selected by Piraeus Bank (Piraeus), Greece’s largest bank, in terms of assets, and considered the most innovative in the Greek market. As part of the banks system strategy, Piraeus has partnered with Quantifi to cover contract valuation, analytics and reporting capabilities within the Treasury Middle Office domain.
Piraeus has played a pivotal role in supporting the recovery of the Greek economy and restoring trust in Greek banks. To keep pace with market conditions Piraeus senior management decided to integrate Quantifi into its existing IT systems architecture. Quantifi was selected following a long and extensive selection process of the most advanced and established enterprise-risk technology providers.
“From a regulatory perspective, XVA is a key business focus. Quantifi is seen as the market leader in this
space and its proven track record of successful enterprise risk implementations in other large European
banks further validated our selection. Quantifi’s flexible technology was seamlessly integrated with
minimal disruption to our existing processes and workflows."
Jannis Delis, GM - Operations Technology and Organisation, Piraeus Bank
“Quantifi was best suited to help execute on our strategy to cover a critical part of regulatory requirements with significant impact on our Capital Requirements. It was important to select a solution with mature valuation, analytics and reporting functionality that could seamlessly integrate with our existing systems,” comments, Jannis Delis, GM - Operations Technology and Organisation, Piraeus Bank. “From a regulatory perspective, xVA is a key business focus. Quantifi is seen as the market leader in this space and its proven track record of successful enterprise risk implementations in other large European banks further validated our selection. Quantifi’s flexible technology was seamlessly integrated with minimal disruption to our existing processes and workflows. Introducing Quantifi bridges the gap in our functionality, optimises business process and reduces total cost of ownership.” continues Jannis.
With Quantifi’s next-generation valuation, analytics and reporting functionality Piraeus now has a flexible and performant capability to address and support computationally intense calculations including xVA, perform accurate valuations on cross-asset portfolios taking into account various risk metrics comprising PFE, VaR, wrong-way-risk, stress testing, sensitivities etc., and generate flexible reports to aid business decisions across their trading user base.
“We are delighted to have been selected by Piraeus as a core part of their trading and risk infrastructure,” comments Roland Jordan, Head of EMEA Sales, Quantifi. “The depth and flexibility of our integrated solution allows Quantifi to tailor setups for various sized banks. We have demonstrated this flexibility with bank-wide implementations in Germany, UK, France and now Greece. Robust risk management is foremost on the minds of senior trading and risk management executives and we have noticed a certain trend amongst banks who are keen to upgrade their risk technology platforms. As a proven, future-proof solution, Quantifi is designed to help clients make this change and is now considered the most suitable solution for these remits.” continues Roland.
About Piraeus Bank Group
Headquartered in Athens, Greece, with approximately 18,500 employees in 8 countries in Greece and South East Europe, Piraeus Bank Group offers a full range of financial products and services to approximately 5.6mn customers. Total assets of the Group amounted to €82.2 bn, net loans to €48.3bn and customer deposits to €39.3bn on September 30, 2016.
Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while it went through a state ownership for the period 1975-1991 until it was privatized in December 1991. During the restructuring period of the Banking sector in Greece between 2012 and 2014, Piraeus Bank acquired 7 Greek Banks and integrated them successfully into its technology infrastructure.
Piraeus Bank has rapidly grown in size and activities, representing today the leading Bank in Greece with more than 30% market share in terms of loans and deposits.
For further information, please visit www.piraeusbankgroup.com