The Swiss subsidiary of First Abu Dhabi Bank (FAB) has selected Avaloq’s business process as a service (BPaaS) solution for a further long-term contract to support the institution’s strong growth ambitions. The bank, which awarded the contract to Avaloq after a highly competitive tender process, has been working with the company since 2007 and was its first private banking client in Geneva.
FAB Private Bank (Suisse) SA offers wealth management solutions to high net-worth individuals and is a wholly owned subsidiary of First Abu Dhabi Bank, the United Arab Emirate’s (UAE) flagship financial institution. The parent group is the largest bank in the UAE with total assets of USD 224 billion and a market capitalization of USD 45 billion (as of 31 December 2019), with the strongest combined credit ratings of any bank in the MENA region.
For Avaloq, this is the second deal closed with a Geneva-based private banking institution in 2020. In January, Banque Cramer announced it had selected Avaloq’s BPaaS solution for a further ten-year term.
Simon Durrance, Chief Operating Officer of FAB Switzerland, said: “We believe FAB offers our clients a superior, differentiated service proposition, and this is based on the personalized service from our private bankers supported by best-in-class IT solutions. Avaloq has been a trusted partner for well over a decade and, through the recent tender process, has again proved itself in terms of the depth of its digital banking solutions.”
Mathias Schütz, Country Head for Switzerland and Liechtenstein at Avaloq, said: “We are delighted that FAB Switzerland has chosen Avaloq to support the continued growth as well as further digitalization of its business. This is further recognition of the strength of our well-established BPaaS model and our dedicated approach to understanding private banks and their need to deliver exceptional customer service as well as a rich product suite through a highly efficient digital infrastructure.”